AMC Entertainment (NYSE:AMC) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

AMC Entertainment (NYSE:AMCGet Rating) announced its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.03), Fidelity Earnings reports. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.18 billion. The business’s quarterly revenue was up 162.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.71) earnings per share.

AMC Entertainment Trading Up 18.9 %

Shares of NYSE:AMC traded up $3.52 during mid-day trading on Friday, reaching $22.18. The company had a trading volume of 125,780,168 shares, compared to its average volume of 36,927,912. The company’s 50-day moving average price is $14.26 and its 200-day moving average price is $15.90. AMC Entertainment has a one year low of $9.70 and a one year high of $52.79. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of -13.95 and a beta of 1.64.

AMC Entertainment Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Monday, August 15th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, August 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.18%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on AMC shares. StockNews.com raised AMC Entertainment to a “sell” rating in a research report on Wednesday, July 20th. B. Riley dropped their price target on shares of AMC Entertainment from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 21st. Wedbush reaffirmed an “underperform” rating and issued a $4.00 price objective on shares of AMC Entertainment in a research report on Tuesday. The Goldman Sachs Group cut their target price on AMC Entertainment to $34.00 and set a “neutral” rating on the stock in a research note on Friday, July 29th. Finally, Citigroup decreased their price target on AMC Entertainment from $6.00 to $5.00 and set a “sell” rating for the company in a research report on Thursday, July 7th. Four research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat.com, AMC Entertainment has a consensus rating of “Reduce” and an average price target of $13.50.

Institutional Trading of AMC Entertainment

A number of large investors have recently bought and sold shares of AMC. Vanguard Group Inc. lifted its position in shares of AMC Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 47,381,679 shares of the company’s stock valued at $1,167,484,000 after buying an additional 296,013 shares during the last quarter. State Street Corp raised its stake in AMC Entertainment by 0.8% in the 1st quarter. State Street Corp now owns 13,393,337 shares of the company’s stock valued at $330,012,000 after acquiring an additional 107,221 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in AMC Entertainment by 0.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,638,723 shares of the company’s stock valued at $65,018,000 after purchasing an additional 15,123 shares during the last quarter. Invesco Ltd. boosted its position in AMC Entertainment by 418.4% during the first quarter. Invesco Ltd. now owns 2,635,266 shares of the company’s stock worth $64,934,000 after purchasing an additional 2,126,916 shares during the period. Finally, Eaton Vance Management increased its stake in shares of AMC Entertainment by 71,855.2% in the first quarter. Eaton Vance Management now owns 213,707 shares of the company’s stock worth $5,265,000 after purchasing an additional 213,410 shares in the last quarter. 34.20% of the stock is owned by hedge funds and other institutional investors.

AMC Entertainment Company Profile

(Get Rating)

AMC Entertainment Holdings, Inc, through its subsidiaries, engages in the theatrical exhibition business. The company owns, operates, or has interests in theatres in the United States and Europe. As of March 1, 2022, it operated approximately 950 theatres and 10,600 screens. The company was founded in 1920 and is headquartered in Leawood, Kansas.

Further Reading

Earnings History for AMC Entertainment (NYSE:AMC)

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