Cornerstone Wealth Management Acquires New Stake in AMC

AMC Entertainment logoCornerstone Wealth Management LLC acquired a new stake in AMC Entertainment Holdings Inc (NYSE:AMC) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC).

The institutional investor acquired 57,112 shares of the company’s stock, valued at approximately $269,000. Cornerstone Wealth Management LLC owned 0.05% of AMC Entertainment as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AMC. Thrivent Financial for Lutherans bought a new stake in AMC Entertainment during the first quarter valued at $1,910,000. Goldman Sachs Group Inc. boosted its position in AMC Entertainment by 160.3% during the second quarter. Goldman Sachs Group Inc. now owns 642,434 shares of the company’s stock valued at $2,756,000 after acquiring an additional 395,669 shares during the last quarter. JPMorgan Chase & Co. boosted its position in AMC Entertainment by 203.1% during the first quarter.

JPMorgan Chase & Co. now owns 199,742 shares of the company’s stock valued at $631,000 after acquiring an additional 393,412 shares during the last quarter. Bank of America Corp DE boosted its position in AMC Entertainment by 493.1% during the second quarter. Bank of America Corp DE now owns 456,511 shares of the company’s stock valued at $1,958,000 after acquiring an additional 379,546 shares during the last quarter. Finally, AJO LP bought a new stake in AMC Entertainment during the second quarter valued at $1,386,000. Institutional investors and hedge funds own 23.36% of the company’s stock.

A number of analysts have commented on the stock. Imperial Capital cut their price target on shares of AMC Entertainment from $6.00 to $4.00 and set an “in-line” rating on the stock in a research report on Tuesday, June 30th. MKM Partners cut their price target on shares of AMC Entertainment from $4.50 to $4.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Wedbush upped their price target on shares of AMC Entertainment from $4.00 to $7.00 and gave the company a “neutral” rating in a research report on Monday, August 31st.

Barrington Research reissued a “hold” rating on shares of AMC Entertainment in a research report on Tuesday, September 15th. Finally, Credit Suisse Group cut shares of AMC Entertainment from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $4.00 to $2.00 in a research report on Monday, June 29th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.63.

Shares of NYSE AMC opened at $2.78 on Friday. AMC Entertainment Holdings Inc has a fifty-two week low of $1.95 and a fifty-two week high of $10.35. The stock has a market cap of $303.91 million, a price-to-earnings ratio of -0.10 and a beta of 1.90. The firm’s 50-day simple moving average is $5.34 and its 200 day simple moving average is $4.63.
AMC Entertainment (NYSE:AMC) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($5.44) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($4.00) by ($1.44). AMC Entertainment had a negative net margin of 75.33% and a negative return on equity of 28.65%. The business had revenue of $18.90 million during the quarter, compared to the consensus estimate of $20.96 million. As a group, equities analysts predict that AMC Entertainment Holdings Inc will post -14.14 EPS for the current fiscal year.

AMC Entertainment Company Profile

AMC Entertainment Holdings, Inc, through its subsidiaries, involved in the theatrical exhibition business. The company owns, operates, or has interests in theatres. As of December 31, 2018, it owned, operated, or had interests in 637 theatres with a total of 8,114 screens in the United States; and 369 theatres and 2,977 screens in European markets.

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