Panagora Asset Management Inc. Sells 24,363 Shares of AMC Networks Inc. (NASDAQ:AMCX)

Panagora Asset Management Inc. decreased its stake in shares of AMC Networks Inc. (NASDAQ:AMCX) by 33.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,680 shares of the company’s stock after selling 24,363 shares during the period. Panagora Asset Management Inc. owned approximately 0.11% of AMC Networks worth $461,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in AMC Networks by 94.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,091 shares of the company’s stock worth $114,000 after purchasing an additional 2,959 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of AMC Networks by 11.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,529,595 shares of the company’s stock worth $28,741,000 after buying an additional 155,346 shares during the period. Teacher Retirement System of Texas bought a new position in shares of AMC Networks during the fourth quarter worth about $275,000. Aigen Investment Management LP acquired a new stake in AMC Networks in the 4th quarter valued at approximately $248,000. Finally, TFO Wealth Partners LLC raised its position in AMC Networks by 88,362.5% in the 4th quarter. TFO Wealth Partners LLC now owns 14,154 shares of the company’s stock valued at $266,000 after buying an additional 14,138 shares during the last quarter. 78.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on AMCX shares. StockNews.com downgraded AMC Networks from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Wells Fargo & Company reduced their target price on shares of AMC Networks from $11.00 to $8.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, AMC Networks currently has a consensus rating of “Hold” and an average price target of $11.00.

AMC Networks Stock Performance

Shares of NASDAQ AMCX opened at $9.85 on Wednesday. The company has a debt-to-equity ratio of 2.17, a quick ratio of 2.13 and a current ratio of 2.13. The stock has a 50 day moving average price of $10.11 and a 200 day moving average price of $12.04. The stock has a market capitalization of $429.09 million, a PE ratio of 2.76 and a beta of 1.30. AMC Networks Inc. has a 52 week low of $8.84 and a 52 week high of $20.97.

AMC Networks (NASDAQ:AMCX) last released its quarterly earnings data on Friday, August 9th. The company reported $1.24 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.28). The company had revenue of $625.90 million during the quarter, compared to analyst estimates of $601.41 million. AMC Networks had a net margin of 2.29% and a return on equity of 20.47%. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.02 EPS. Analysts predict that AMC Networks Inc. will post 4.86 earnings per share for the current fiscal year.

AMC Networks Company Profile

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.