Geode Capital Management LLC Purchases 31,378 Shares of AMC Networks Inc. (NASDAQ:AMCX)

Geode Capital Management LLC boosted its position in AMC Networks Inc. (NASDAQ:AMCX) by 4.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 775,596 shares of the company’s stock after purchasing an additional 31,378 shares during the quarter. Geode Capital Management LLC’s holdings in AMC Networks were worth $6,741,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quarry LP grew its position in shares of AMC Networks by 119.2% in the 2nd quarter. Quarry LP now owns 4,295 shares of the company’s stock worth $41,000 after buying an additional 2,336 shares during the period. nVerses Capital LLC purchased a new stake in AMC Networks in the third quarter worth about $55,000. Quantinno Capital Management LP bought a new position in shares of AMC Networks during the third quarter valued at approximately $88,000. FORA Capital LLC bought a new position in shares of AMC Networks during the third quarter valued at approximately $89,000. Finally, MML Investors Services LLC purchased a new position in AMC Networks during the third quarter valued at $91,000. Hedge funds and other institutional investors own 78.51% of the company’s stock.

AMC Networks Stock Performance

AMCX stock opened at $9.85 on Friday. The company has a market cap of $434.59 million, a P/E ratio of 15.64 and a beta of 1.34. The company has a debt-to-equity ratio of 2.03, a current ratio of 2.32 and a quick ratio of 2.32. AMC Networks Inc. has a 1 year low of $7.08 and a 1 year high of $19.44. The stock’s fifty day moving average price is $9.22 and its 200-day moving average price is $9.31.

AMC Networks (NASDAQ:AMCX) last announced its earnings results on Friday, November 8th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.29. AMC Networks had a return on equity of 17.41% and a net margin of 1.45%. The business had revenue of $599.60 million for the quarter, compared to analysts’ expectations of $587.12 million. During the same period last year, the firm posted $1.85 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities analysts forecast that AMC Networks Inc. will post 4.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AMCX shares. Seaport Res Ptn upgraded shares of AMC Networks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Morgan Stanley decreased their target price on AMC Networks from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded shares of AMC Networks from a “hold” rating to a “buy” rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.50.

About AMC Networks

AMC Networks Inc, an entertainment company, owns and operates a suite of video entertainment products that are delivered to audiences, a platform to distributors, and advertisers in the United States, Europe, and internationally. The company operates through Domestic Operations, and International and Other segments.