Baupost Group LLC Decreased Its Stake in Amc Entmt Hldgs INC (AMC)

Baupost Group Llc decreased its holdings by 46.62% in Amc Entmt Hldgs Inc (AMC), according to 2018Q4 SEC filling. The company’s stock popped …

AMC Entertainment Holdings, Inc. (NYSE:AMC) Corporate LogoDuring Q4 2018 the big money sentiment increased to 1.14. That’s change of 0.02, from 2018Q3’s 1.12. 21 investors sold all, 52 reduced holdings as AMC ratio improved. 43 rose stakes while 40 funds amassed stakes. Funds hold 46.78 million shares thus 4.21% more from 2018Q3’s 44.89 million shares. Deutsche Retail Bank Ag holds 0% in AMC Entertainment Holdings, Inc. (NYSE:AMC) or 512,527 shs. Morgan Stanley reported 652,195 shs. Signaturefd Ltd Com owns 1,530 shs for 0% of their capital. Citigroup holds 0% or 295,102 shs in its capital. Prudential Financial reported 0% stake. Arrowstreet Cap Ltd Partnership accumulated 316,498 shs. Commercial Bank Of America Corp De reported 131,926 shs. Mittleman Brothers Limited Liability Company has invested 21.06% in AMC Entertainment Holdings, Inc. (NYSE:AMC). Natl Bank Of New York Mellon reported 618,218 shs. Rothschild & Asset Us, New York-based fund reported 560,211 shs. Secor Capital Advisors Limited Partnership owns 18,405 shs. Fmr Limited Liability Company holds 44,037 shs or 0% of its capital. Thompson Siegel Walmsley Lc stated it has 0.12% of its capital in AMC Entertainment Holdings, Inc. (NYSE:AMC). Weiss Asset Mgmt Limited Partnership, Massachusetts-based fund reported 12,402 shs. Jefferies Group Incorporated stated it has 0% in AMC Entertainment Holdings, Inc. (NYSE:AMC).

Baupost Group Llc decreased its holdings by 46.62% in Amc Entmt Hldgs Inc (AMC), according to 2018Q4 SEC filling. The company’s stock popped up 11.99% while Baupost Group Llc sold 1.27M shares. At the end of 2018Q4, the 1.46 million shares of the consumer services company held by the hedge fund were priced at $17.90M, down from 2.73 million at the end of the previous reported quarter. Amc Entmt Hldgs Inc has $1.52 billion market cap. The stock decreased 0.48% or $0.07 during the last trading session, hitting $14.65.AMC Entertainment Holdings, Inc. has volume of 1.30M shares. Since March 11, 2018 AMC has risen 13.31% and is uptrending. AMC outperformed by 8.94% the S&P 500.

Baupost Group Llc manages about $29.88 billion and $11.52 billion US Long portfolio. Its stake in Shire Plc (NASDAQ:SHPG) was increased by 361,541 shares to 460,473 shares valued at $80.14 million in 2018Q4, according to the filing. For a total of 29.74M shares it increased its holding in Liberty Global Plc (NASDAQ:LBTYK) by 18.97 million shares in the quarter, and has risen its stake in Translate Bio Inc.

AMC Entertainment Holdings, Inc. (NYSE:AMC)’s quarterly earnings will be revealed on May, 6., according to Zacks. This year’s earnings per share analyst estimate is anticipated to be $-0.12. That is 185.71 % down compareed to $0.14 earnings per share for last year. Last quarter $0.05 earnings per share was reported. Analysts sees -340.00 % negative EPS growth this quarter.

For more AMC Entertainment Holdings, Inc. (NYSE:AMC) news released briefly go to: Investorplace.com, Seekingalpha.com, Benzinga.com, Streetinsider.com or Seekingalpha.com. The titles are as follows: “AT&T Stock is Cheap — But For Several Very Good Reasons – Investorplace.com” released on March 04, 2019, “BAML still cautious on AMC Entertainment – Seeking Alpha” on November 12, 2018, “Earnings Scheduled For February 28, 2019 – Benzinga” with a publish date: February 28, 2019, “Pre-Open Stock Movers 03/01: (PBYI) (GPS) (ZS) Higher; (IMGN) (NTNX) (TSLA) Lower (more…) – StreetInsider.com” and the last “Silver Lake on the scene at AMC Entertainment – Seeking Alpha” with publication date: September 14, 2018.

AMC Entertainment Holdings, Inc. (NYSE:AMC) Ratings Coverage

A total of 6 analysts rate AMC Entertainment Hldgs (NYSE:AMC) as follows: 3 “Buy”, 3 “Hold” and 0 “Sell”. Тherefore 50% are bullish. (NYSE:AMC) has 8 ratings reports on Mar 11, 2019 according to StockzIntelligence. On Friday, September 14 the stock of AMC Entertainment Holdings, Inc. (NYSE:AMC) has “Neutral” rating given by M Partners. On Friday, March 1 the firm earned “Buy” rating by Imperial Capital. On Friday, March 1 FBR Capital maintained the shares of AMC in report with “Hold” rating. On Friday, March 1 the stock of AMC Entertainment Holdings, Inc. (NYSE:AMC) earned “Buy” rating by Barrington. In Friday, February 22 report Wedbush upgraded the stock to “Buy” rating. On Friday, March 1 the firm earned “Hold” rating by M Partners. On Tuesday, January 22 FBR Capital downgraded the shares of AMC in report to “Neutral” rating.

AMC Entertainment Holdings, Inc. (NYSE:AMC) Analyst Ratings Chart

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Baupost Group LLC Decreased Stake in Amc Entmt Hldgs INC (AMC) by $15.28 Million; Shares …

Big Money Sentiment increased to 1.14 in 2018 Q4. It has change of 0.02, from 2018Q3’s 1.12. The ratio is positive due to AMC positioning: 21 sold …

AMC Entertainment Holdings, Inc. (NYSE:AMC) Corporate LogoBig Money Sentiment increased to 1.14 in 2018 Q4. It has change of 0.02, from 2018Q3’s 1.12. The ratio is positive due to AMC positioning: 21 sold and 52 reduced. 40 funds acquired stakes and 43 increased stakes. Investors holded 44.89 million in 2018Q3 but now own 46.78 million shares or 4.21% more. 10 are owned by Kwmg Ltd. Renaissance Technologies Lc has 0.02% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC). Nordea Invest Management Ab accumulated 154,574 shs. Fifth Third National Bank & Trust has 0% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC). Price T Rowe Associate Inc Md has invested 0% in AMC Entertainment Holdings, Inc. (NYSE:AMC). Invesco Limited has 453,541 shs. Goldman Sachs Gp Incorporated Inc holds 1.79 million shs or 0.01% of its capital. Parallax Volatility Advisers Limited Partnership reported 1,748 shs or 0% of all its holdings. Citadel Advisors Ltd Liability owns 0% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC) for 110,292 shs. State Common Retirement Fund holds 429,118 shs or 0.01% of its capital. Next Financial Gp stated it has 600 shs or 0% of all its holdings. Metropolitan Life Ny holds 18,050 shs. 113,635 are held by Engineers Gate Manager Lp. Coatue Ltd Limited Liability Company accumulated 0.01% or 50,746 shs. Old Second Commercial Bank Of Aurora accumulated 800 shs.

The stake In Amc Entmt Hldgs Inc (AMC) was decreased held by Baupost Group Llc. According to 2018Q4 SEC filling the reduction is 46.62%. By selling 1.27M shares Baupost Group Llc made the stock popped up with 11.99%. At the end of 2018Q4, the hedge fund held 1.46 million shares of the consumer services company, valued at $17.90 million, down from 2.73M at the end of the previous reported quarter. $1.52 billion is Amc Entmt Hldgs Inc’s market cap. The stock decreased 0.48% or $0.07 during the last trading session, touching $14.65.Currently AMC Entertainment Holdings, Inc. is uptrending after 13.31% change in last March 11, 2018. AMC has also 1.30 million shares volume. The stock outperformed the S&P 500 by 8.94%.

According to a filing the Baupost Group Llc’s stake in Antero Res Corp (NYSE:AR) was increased by 2.00 million shares to 28.59M shares valued at $268.44 million in 2018Q4. It operates about $29.88B and $11.52 billion US Long portfolio. For a total of 29.74 million shares it increased its holding in Liberty Global Plc (NASDAQ:LBTYK) by 18.97M shares in the quarter, and has risen its stake in Univar Inc.

On May, 6 is expected AMC Entertainment Holdings, Inc. (NYSE:AMC)’s earnings report, according to RTT. EPS of $-0.12 is 185.71 % down from 2018’s $0.14 EPS. Analysts at Wall Street see AMC Entertainment Holdings, Inc.’s -340.00 % negative EPS growth compared to $0.05 EPS for last quarter.

For more AMC Entertainment Holdings, Inc. (NYSE:AMC) news posted briefly go to: Benzinga.com, Globenewswire.com, Seekingalpha.com, Fool.com or Streetinsider.com. The titles are as follows: “Cinemark Vs. AMC: Analyst Weighs In On Theater Stocks (NYSE:CNK)(NYSE:AMC) – Benzinga” posted on February 12, 2019, “New Research Coverage Highlights Johnson Controls International plc, AMC Entertainment, VeriSign, Kemper, Professional Diversity Network, and Carbo Ceramics — Consolidated Revenues, Company Growth, and Expectations for 2019 – GlobeNewswire” on February 13, 2019, “Silver Lake on the scene at AMC Entertainment – Seeking Alpha” with a publish date: September 14, 2018, “Surprise! AMC Shows Movie Theaters Can Make Money From Subscriptions – The Motley Fool” and the last “Pre-Open Stock Movers 03/01: (PBYI) (GPS) (ZS) Higher; (IMGN) (NTNX) (TSLA) Lower (more…) – StreetInsider.com” with publication date: March 01, 2019.

AMC Entertainment Holdings, Inc. (NYSE:AMC) Ratings Coverage

In total 6 analysts cover AMC Entertainment Hldgs (NYSE:AMC). “Buy” rating has 3, “Sell” are 0, while 3 are “Hold”. (NYSE:AMC) has 50% bullish analysts. 8 are the (NYSE:AMC)’s ratings reports on Mar 11, 2019 according to StockzIntelligence Inc. In Friday, March 1 report FBR Capital maintained the stock with “Hold” rating. On Friday, September 14 the rating was downgraded by M Partners to “Neutral”. On Friday, March 1 the company was maintained by Imperial Capital. On Friday, March 1 the company was maintained by Barrington. The stock rating was maintained by M Partners with “Hold” on Friday, March 1. On Tuesday, January 22 the rating was downgraded by FBR Capital to “Neutral”. On Friday, February 22 the rating was upgraded by Wedbush to “Buy”.

AMC Entertainment Holdings, Inc. (NYSE:AMC) Analyst Ratings Chart

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*Baupost Group LLC Holds Stake in Amc Entmt Hldgs INC (AMC)

During 2018 Q4 the big money sentiment increased to 1.14. That’s change of 0.02, from 2018Q3’s 1.12. 21 investors sold all, 52 reduced holdings as …

AMC Entertainment Holdings, Inc. (NYSE:AMC) Corporate LogoDuring 2018 Q4 the big money sentiment increased to 1.14. That’s change of 0.02, from 2018Q3’s 1.12. 21 investors sold all, 52 reduced holdings as AMC ratio improved. 43 grew positions while 40 funds bought positions. Funds hold 46.78 million shares thus 4.21% more from 2018Q3’s 44.89 million shares. Aqr Capital Management Ltd Llc holds 0% of its capital in AMC Entertainment Holdings, Inc. (NYSE:AMC) for 42,797 shs. Hanson And Doremus Inv Mngmt has 0.15% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC). Deutsche Bancorporation Ag owns 512,527 shs for 0% of their capital. Moreover, Luxor Cap Group Incorporated Limited Partnership has 0.45% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC) for 999,597 shs. Bridgeway Capital has 0.05% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC). California Employees Retirement Sys reported 60,681 shs. Kings Point Capital Mgmt owns 0% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC) for 1,000 shs. Public Employees Retirement Systems Of Ohio reported 0.01% of its capital in AMC Entertainment Holdings, Inc. (NYSE:AMC). Tudor Inv Corp Et Al stated it has 25,645 shs. Moreover, Oppenheimer Asset Mgmt Inc has 0% invested in AMC Entertainment Holdings, Inc. (NYSE:AMC). D E Shaw And invested in 28,582 shs or 0% of the stock. Cubist Systematic Strategies Ltd Liability reported 36,499 shs stake. Blackrock Inc has invested 0% in AMC Entertainment Holdings, Inc. (NYSE:AMC). 39,919 were reported by Voya Invest Mngmt Ltd Liability Corp. New York-based Quantbot Tech Limited Partnership has invested 0.04% in AMC Entertainment Holdings, Inc. (NYSE:AMC).

Based on the latest 2018Q4 regulatory filing with the SEC, Baupost Group Llc decreased its holdings in Amc Entmt Hldgs Inc (AMC) by 46.62%. By selling 1.27M shares Baupost Group Llc made the stock popped up with 11.99%. At the end of 2018Q4, the hedge fund held 1.46 million shares of the consumer services company, priced at $17.90 million, down from 2.73M at the end of the previous reported quarter. $1.52B is the MC of Amc Entmt Hldgs Inc. AMC reached $14.65 during the last trading session after $0.07 change.AMC Entertainment Holdings, Inc. has volume of 1.30M shares. Since March 11, 2018 AMC has risen 13.31% and is uptrending. AMC outperformed by 8.94% the S&P 500.

Baupost Group Llc manages about $29.88B and $11.52 billion US Long portfolio. It upped its stake in Shire Plc (NASDAQ:SHPG) by 361,541 shares to 460,473 shares, valued at $80.14 million in 2018Q4, according to the filing. Baupost Group Llc has risen its stake in Univar Inc and also increased its holding in Translate Bio Inc by 4.57 million shares in the quarter, for a total of 6.49 million shares.

AMC Entertainment Holdings, Inc. (NYSE:AMC)’s earnings release is awaited by WallStreet on May, 6, as reported by Faxor. Last year’s earnings per share was $0.14, while now analysts expect change of 185.71 % down from current $-0.12 earnings per share. Analysts at Wall Street see AMC Entertainment Holdings, Inc.’s -340.00 % negative EPS growth compared to $0.05 earnings per share for last quarter.

For more AMC Entertainment Holdings, Inc. (NYSE:AMC) news posted recently go to: Benzinga.com, Seekingalpha.com, Finance.Yahoo.com, Fool.com or Seekingalpha.com. The titles are as follows: “Cinemark Vs. AMC: Analyst Weighs In On Theater Stocks (NYSE:CNK)(NYSE:AMC) – Benzinga” posted on February 12, 2019, “Captain Marvel expected to be a box office hero – Seeking Alpha” on March 04, 2019, “Q4 Earnings Outlook AMC Entertainment – Yahoo Finance” with a publish date: February 28, 2019, “Is AMC Entertainment a Buy After Its Recent Sell-Off? – The Motley Fool” and the last “Is AMC A Falling Knife Worth Catching? – Seeking Alpha” with publication date: November 26, 2018.

AMC Entertainment Holdings, Inc. (NYSE:AMC) Ratings Coverage

In total 6 analysts cover AMC Entertainment Hldgs (NYSE:AMC). “Buy” rating has 3, “Sell” are 0, while 3 are “Hold”. (NYSE:AMC) has 50% bullish analysts. 8 are the (NYSE:AMC)’s ratings reports on Mar 11, 2019 according to StockzIntelligence Inc. On Friday, March 1 the stock of AMC Entertainment Holdings, Inc. (NYSE:AMC) has “Hold” rating given by M Partners. On Friday, March 1 the stock of AMC Entertainment Holdings, Inc. (NYSE:AMC) earned “Hold” rating by FBR Capital. The company rating was maintained by Barrington on Friday, March 1. On Friday, September 14 the rating was downgraded by M Partners to “Neutral”. On Friday, March 1 the firm has “Buy” rating by Imperial Capital given. On Tuesday, January 22 the stock of AMC Entertainment Holdings, Inc. (NYSE:AMC) earned “Neutral” rating by FBR Capital. The company rating was upgraded by Wedbush on Friday, February 22.

AMC Entertainment Holdings, Inc. (NYSE:AMC) Analyst Ratings Chart

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Amc Entmt Hldgs (AMC) Position Held by Maverick Capital Ltd; Quantum Capital Management Has …

Quantum Capital Management decreased its stake in Olin Corp (OLN) by 88.41% based on its latest 2018Q4 regulatory filing with the SEC. Quantum …

Olin Corporation (NYSE:OLN) Logo

Quantum Capital Management decreased its stake in Olin Corp (OLN) by 88.41% based on its latest 2018Q4 regulatory filing with the SEC. Quantum Capital Management sold 162,267 shares as the company’s stock rose 15.37% with the market. The institutional investor held 21,270 shares of the major chemicals company at the end of 2018Q4, valued at $428,000, down from 183,537 at the end of the previous reported quarter. Quantum Capital Management who had been investing in Olin Corp for a number of months, seems to be less bullish one the $3.95B market cap company. The stock decreased 1.32% or $0.32 during the last trading session, reaching $23.97. About 1.47M shares traded. Olin Corporation (NYSE:OLN) has declined 22.06% since March 10, 2018 and is downtrending. It has underperformed by 26.43% the S&P500. Some Historical OLN News: 30/04/2018 – Olin Presenting at KeyCorp Conference May 30; 01/05/2018 – Olin Corp 1Q EPS 12c; 20/04/2018 – Olin at Goldman Sachs Basic Materials Conference May 15; 01/05/2018 – OLIN 1Q ADJ OPER EPS 12C, EST. 20C; 23/05/2018 – Olin at Vertical Research Partners Materials Conference Jun 14; 22/05/2018 – REG-Aktia Bank plc: Managers’ transactions — Sam Olin- as part of the share-based incentive scheme; 14/05/2018 – King Street Capital Mgmt LLC Exits Position in Olin; 26/04/2018 – Olin Declares 366th Consecutive Quarterly Dividend; 07/05/2018 – Olin Presenting at Wells Fargo Industrials Conference Tomorrow; 25/04/2018 – Olin Announces New Lead Director

Maverick Capital Ltd increased its stake in Amc Entmt Hldgs Inc (AMC) by 109.86% based on its latest 2018Q4 regulatory filing with the SEC. Maverick Capital Ltd bought 571,080 shares as the company’s stock rose 11.99% with the market. The hedge fund held 1.09 million shares of the consumer services company at the end of 2018Q4, valued at $13.40 million, up from 519,840 at the end of the previous reported quarter. Maverick Capital Ltd who had been investing in Amc Entmt Hldgs Inc for a number of months, seems to be bullish on the $1.53 billion market cap company. The stock increased 0.82% or $0.12 during the last trading session, reaching $14.72. About 867,332 shares traded. AMC Entertainment Holdings, Inc. (NYSE:AMC) has risen 13.31% since March 10, 2018 and is uptrending. It has outperformed by 8.94% the S&P500. Some Historical AMC News: 19/04/2018 – China Orient AMC plans $16 bln investment in soured debt in 2018; 07/03/2018 – Scott+Scott, Attorneys at Law, LLP Reminds Investors of Securities Class Action Against AMC Entertainment Holdings, Inc. and March 13th Lead Plaintiff Deadline (AMC); 18/04/2018 – Saudi Arabia to launch first new cinema at private VIP event; 03/04/2018 – AMC Entertainment Closes Above 50-Day Moving Average; 04/04/2018 – Saudi Arabia’s Public Investment Fund’s Development & Investment Entertainment Company Signs Agreement with AMC; 09/04/2018 – Michael Bolton Presents ‘American Dream: Detroit,’ a Love Letter From Motor City Legends Chronicling the Greatest Urban Turnaro; 20/03/2018 – AMC Theatres’ Advance Ticket Sales Records Getting Obliterated by AVENGERS: INFINITY WAR; 07/05/2018 – AMC gets glittering review on upbeat quarter; 04/04/2018 – AMC Entertainment To Open First Theater in Riyadh on April 18; 05/04/2018 – AMC to open first commercial cinema in Saudi Arabia in 35 years

More notable recent AMC Entertainment Holdings, Inc. (NYSE:AMC) news were published by: Benzinga.com which released: “64 Stocks Moving In Friday’s Mid-Day Session – Benzinga” on March 01, 2019, also Fool.com with their article: “Theaters Won’t Need MoviePass Much Longer – The Motley Fool” published on February 15, 2019, Globenewswire.com published: “New Research Coverage Highlights Johnson Controls International plc, AMC Entertainment, VeriSign, Kemper, Professional Diversity Network, and Carbo Ceramics — Consolidated Revenues, Company Growth, and Expectations for 2019 – GlobeNewswire” on February 13, 2019. More interesting news about AMC Entertainment Holdings, Inc. (NYSE:AMC) were released by: Streetinsider.com and their article: “Baupost’s 13F Shows New Stakes in eBay (EBAY), Akebia (AKBA), CBS (CBS) (more…) – StreetInsider.com” published on February 13, 2019 as well as Benzinga.com‘s news article titled: “81 Biggest Movers From Friday – Benzinga” with publication date: March 04, 2019.

Investors sentiment increased to 1.14 in Q4 2018. Its up 0.02, from 1.12 in 2018Q3. It increased, as 21 investors sold AMC shares while 52 reduced holdings. 40 funds opened positions while 43 raised stakes. 46.78 million shares or 4.21% more from 44.89 million shares in 2018Q3 were reported. American Gru owns 34,220 shares. Leonard Green Prtnrs Ltd Partnership invested in 150,000 shares. Voya Investment Mgmt Limited Company holds 0% or 39,919 shares in its portfolio. Kwmg Llc has invested 0% of its portfolio in AMC Entertainment Holdings, Inc. (NYSE:AMC). State Bank Of Montreal Can reported 298,935 shares. Lpl Financial Ltd Liability Co holds 51,824 shares or 0% of its portfolio. Park Circle Communication accumulated 4,500 shares or 0.04% of the stock. Numerixs Investment Tech has invested 0.03% of its portfolio in AMC Entertainment Holdings, Inc. (NYSE:AMC). Renaissance Techs Ltd invested in 0.02% or 1.83 million shares. The New York-based Rothschild And Communications Asset Us has invested 0.08% in AMC Entertainment Holdings, Inc. (NYSE:AMC). Hanson And Doremus Mgmt reported 32,927 shares. Parallax Volatility Advisers Lp invested in 1,748 shares. Jefferies Grp Inc Limited Liability Co owns 21,603 shares or 0% of their US portfolio. Axa has invested 0% in AMC Entertainment Holdings, Inc. (NYSE:AMC). Thompson Siegel And Walmsley Limited Co stated it has 603,490 shares or 0.12% of all its holdings.

Maverick Capital Ltd, which manages about $14.71B and $6.81 billion US Long portfolio, decreased its stake in Warrior Met Coal Inc by 64,890 shares to 320,690 shares, valued at $7.73M in 2018Q4, according to the filing. It also reduced its holding in Visa Inc (NYSE:V) by 6,460 shares in the quarter, leaving it with 39,040 shares, and cut its stake in Lululemon Athletica Inc (NASDAQ:LULU).

Analysts await Olin Corporation (NYSE:OLN) to report earnings on May, 7. They expect $0.32 earnings per share, up 113.33% or $0.17 from last year’s $0.15 per share. OLN’s profit will be $52.76 million for 18.73 P/E if the $0.32 EPS becomes a reality. After $0.32 actual earnings per share reported by Olin Corporation for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

Quantum Capital Management, which manages about $700.30M and $172.34M US Long portfolio, upped its stake in Rosehill Res Inc by 570,059 shares to 914,288 shares, valued at $2.04M in 2018Q4, according to the filing. It also increased its holding in Great Elm Cap Corp by 119,894 shares in the quarter, for a total of 293,814 shares, and has risen its stake in Staar Surgical Co (NASDAQ:STAA).

Since November 1, 2018, it had 3 insider buys, and 0 sales for $970,270 activity. SAMPSON JOHN MAURICE also bought $99,220 worth of Olin Corporation (NYSE:OLN) shares. Sutton Scott McDougald also bought $324,300 worth of Olin Corporation (NYSE:OLN) shares.

More recent Olin Corporation (NYSE:OLN) news were published by: Investorplace.com which released: “5 Growthy Stocks Trading Below 15X Earnings – Investorplace.com” on February 15, 2019. Also Gurufocus.com published the news titled: “Recent Analysis Shows Altria Group, Puma Biotechnology, Tanger Factory Outlet Centers, PTC, Aptiv, and Olin Market Influences — Renewed Outlook, Key Drivers of Growth – GuruFocus.com” on March 04, 2019. Streetinsider.com‘s news article titled: “Viking Global’s 13F Shows New Stakes in Adobe (ADBE), American Airlines (AAL), Boeing (BA), Zillow (ZG), Increase in Alibaba (BABA) (More…) – StreetInsider.com” with publication date: February 14, 2019 was also an interesting one.

Olin Corporation (NYSE:OLN) Institutional Positions Chart

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AMC Entertainment: It’s Time To Buy Your Ticket

I wrote about Regal Cinemas in June of 2017. In it I addressed the concept of theaters being a declining business. It wasn’t the case then and it isn’t …

Investment Thesis

AMC’s stock (AMC) has had a rough two years. Since reaching a high of $35.60 in December of 2016, it reached a low of $12 in July 2018 and closed on Monday March 4, 2019, at $15.50, the day after reporting its Q4 2018 operating results. The theater industry remains a popular short in the investment community. As of March 1, 2019, 20% of AMC’s public float was sold short. A popular thesis behind the short is that the movie theater industry is a melting ice cube that will be destroyed by Netflix (NFLX) or other streaming/vod services. Another thesis is that the company’s subscription services, A-List, cannibalizes the company’s normal ticket sales and will fail like Movie Pass. A final leg of the short thesis driving AMC’s weakness in particular is its leveraged balance sheet, a legacy stemming from an LBO, the acquisition of several movie theater chains in 2016-17 and most recently a leveraged recap. I believe that all of these issues are incorrect or way overblown and that AMC could recover 50% in the next several months. Better yet, investors will clip a 5% dividend yield while they wait.

Debunking the Shorts/Bears:

Theaters are NOT a melting ice cube.

I wrote about Regal Cinemas in June of 2017. In it I addressed the concept of theaters being a declining business. It wasn’t the case then and it isn’t the case now. If you look at the table below, you will see that 2018 was the best box office year ever. Name another “declining” industry coming off its best revenue year ever. Box Office

Source: Boxofficemojo.com

Bears like to point out the downtrend in attendance to which I respond, so what? Since 2010, attendance has largely bounced around 1.3 billion annually. Some years are better, some are worse, depending on the movie slate. The one constant up trend though is average ticket price which is up from $7.89 in 2010 to $9.11 in 2018 which equals 15.5%.

Moreover, ticket sales are not the entire picture for theaters in the US. While direct ticket sales represent about 60% of revenues and concessions (popcorn, etc.) account for 30%, the gross profit dollars for the two revenue streams are very close. That’s because ticket sales are 49.5% margin (because of splits with movie studios). Concessions, on the other hand, are almost 85% margin. Average concessions per patron grow annually as well and finished at $5.17 per patron for AMC in 2018. The numbers are slightly different in Europe which I will get to.

More importantly, the data in the table above represents data from the entire US industry. AMC actually outperformed the US industry in attendance with 6.9% versus the industry’s 3.5%. AMC also outperformed in the European markets where it competes. Ticket prices in the US were slightly down versus the industry’s average growth due to the wildly successful A-List program. This takes me to debunking the next short/bear thesis.

A-List is a strong value creator

A-List is AMC’s monthly subscription business and part of its STUBS loyalty program. It was started on June 20, 2018. Subscribers pay between $19.95 and $23.95 per month (depending on the market). A-List members are permitted to “see movies at AMC up to three times per week including multiple movies per day and repeat visits to already seen movies” (from page 86 of the company’s 10-K).

The bear thesis on this program is that giving people access to 3 movies per week (12 per month) will destroy average ticket sales as A-List subscribers normally would have paid full fare for those 12 monthly movies. AMC would actually lose huge in this situation because it has to pay studios its 50% split as if it collects full fare ($9+) but it is only collecting $2. Moreover, there will be no incremental concession revenue since how many huge buckets of popcorn can someone eat?

Not only are these conclusions contradicted by the data, they miss other crucial revenue sources. On the cannibalization, perhaps there are some people who have the time to go to the movies 12 times per month. For A-Listers on average, that isn’t the case.

Straight from the Q4 2018 conference call usage,

starts out high in the first week or two of membership, settles down almost immediately to an average of about 3.3 visits per month in the first full calendar month of enrollment and quickly falls below three visits by the third month of enrollment… …In January and February of 2019, average frequency for the entire membership was already down to 2.8 visits per month. Of crucial importance in all this frequency data, our reviews suggest that the incrementality of this moviegoing is huge. Prior to joining A-List, A-List members on average were seeing only about a half a dozen or so movies per year.”

That last highlighted point is huge. The average A-List member was only seeing 1 movie every 2 months! People point out attendance declines. This program is reversing that. The company might be doing so at a slightly lower ticket price, but we are still talking incremental dollars. Moreover, these people are not going to the movies alone. They are bringing other people at full price.

Most importantly, the company is spending on concessions. Again from the conference call “So far, the average A-List member appears to increase their monthly food and beverage spend at AMC by approximately 2.5x versus before they signed up for A-List.” In other words, whatever gross margin dollars the company might be giving up in ticket sales to A-List subs, they are more than making up for it up in concession gross margin dollars.

AMC initially thought it would sign up 500,000 subscribers in the first year and the program would be profitable some time in 2020. As of the Q4 2018 conference call, 8 months into the program, the company is at 704,000 subscribers and say it was profitable in January and February. Demand is good enough that it raised prices 13% in January. Far from a money loser, management said it would not be surprised to see $3 per month of incremental EBITDA per A-List subscriber by the end of 2019. If sign-ups continue anywhere near current pace, they could finish the year at 1.5mm subs. That would mean $45 million of incremental EBITDA ($3 x 1.5mm) through the rest of 2019 – close to 5% organic growth of 2018’s $929 million of EBITDA. This incremental EBITDA helps to settle the next bear thesis: leverage.

There is too much leverage.

As a former bond trader, I frequently find it quite amusing to hear equity analysts wringing their hands over a company’s leverage, particularly when their concern is not shared by the bond market. It is true that AMC has more leverage at 5x EBITDA than a comp like Cinemark (CNK) at 2x, but so what? RGC was about 3x leveraged when it was acquired by Cineworld, which is just under 4x leveraged now. The relative steadiness of cash flows allows for leverage and all of AMC’s credit metrics are fine.

  • The company has over $500mm of liquidity: $324mm of cash and $225mm revolver
  • The company has no bond maturities before 2022
  • EBITDA covers interest payments by over 3x.
  • Free cash flow before growth cap expenditures is over 5% of debt.

Perhaps these metrics are why AMC’s 2025 maturity subordinated bonds trade at around 7% yield. Perhaps that is also why Silver Lake, a very sophisticated and successful private equity firm, accepted a 2.95% interest rate on convertible bonds that have a $18.95 ($20.50 before a $1.55 special dividend) conversion price in September. Moreover, the Silver Lake transaction allowed the company to buy back 24.1mm shares from Dalian Wanda at $17.50. Not only was this accretive to shareholders (sell shares at $20.50 and repurchase them at $17.50), the transactions actually increase cash flow. The difference between the cost of the bonds from Silver Lake and the savings from the dividends they don’t have to pay on the repurchased shares is about $1.5 million in cash annually in the company’s favor.

The Numbers

The number of pure play movie theaters is dwindling following the acquisition of Carmike (by AMC) and Regal (by Cineworld). CNK and AMC are both at the low end of their historical valuation ranges of 7x to 10.5x EBITDA. I find these valuations odd given the overall health of the world movie theater industry (both CNK and AMC have US and international operations), healthy film slate for 2019 and the fact that RGC was just acquired for cash a year ago (March of 2018) at 11.25x EBITDA.

$1.95bln market cap (using 126 million shares at $15.50) + $4.7bln debt + $500mm capital leases$324mm cash

= $6.912 billion Enterprise Value

$929mm 2018 adjusted EBITDA = 7.4x

$300mm 2018 adjusted Free Cash Flow (backing out growth cap ex and landlord contributions and using $125mm of maintenance cost) = 15.4% yield

I think it is appropriate to back out growth cap ex from free cash flow since the money invested there is such high return. On the conference call, the company disclosed that theater renovations, the primary growth spend, are exceeding 25% cash on cash returns in the US and over 50% in Europe. In addition, the company guided to longer-term capital expenditures for the first time in the Q4 2018 conference call. It expects spending to decline from $450mm annually presently to $250-300mm over the 3-5 year time frame. Assuming 30% returns on its growth spend ($100mm+ incremental cash returns), true free cash after all capital expenditure (including maintenance) could well exceed 2018’s adjusted $300mm in the next few years.

Risks:

As with any business, there are some risks associated with this story.

  • The turnaround in Europe could falter. European underperformance hurt results in early 2018.
  • A-List subscriptions could slow down, stop or start declining. There is no indication of that but anything is possible.
  • The 2019 movie slate could be really bad and movie attendance could fall off. Movie slates are cyclical although the outlook is generally good for this year.

Conclusion:

I do not find the bear/short theses on AMC to be materially different than they were for RGC. The first one, theaters are going away, is easily debunked. The leverage question is also not a concern for me at all given overall stability of the business and its ability to generate cash. Lastly, I think A-List, instead of cannibalizing the business is proving to attract incremental visits and cash flow. I think AMC is at a very attractive valuation from both a multiple of EBITDA and free cash flow yield perspective. It is at the low end of its historical range of valuation. I suppose that it could go below that range and 1 turn of EBITDA lower would result in a 50% lower stock price, but that would bring free cash flow yield to well above 20%. I think a turn of EBITDA multiple higher is far more likely (in addition to higher EBITDA for 2019) which would mean a 50% gain in the stock. Better yet, you get paid over 5% in dividends in any event.

Disclosure:I am/we are long AMC.I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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