Jane Street Capital and National Bank Financial have increased their positions in AMC Entertainment Holdings Inc., according to FactSet data.
Trading firm Jane Street Capital increased its AMC
AMC,
position to just under 6.1 million shares, after acquiring just over 5.8 million shares in the second quarter, and now holds just under 1.2% of shares outstanding, FactSet data show. National Bank Financial increased its position to just over 3.2 million shares, after acquiring just under 3 million shares, and now has just over 0.6% of shares outstanding. However, Susquehanna Financial Group lowered its position to just over 2.2 million shares, after selling just over three million shares and now has just over 0.4% of shares outstanding.
AMC’s top institutional holder is The Vanguard Group Inc., with almost 9.6% of shares outstanding, followed by BlackRock Fund Advisors , with almost 3.6%, according to FactSet data. The top mutual fund holders of AMC are the Vanguard Total Stock Market ETF
VTI,
with just over 3.1% of shares outstanding and the Vanguard Small Cap Index Fund , with almost 2.6% of shares outstanding.
Related: AMC stock rallies more than 8% after plunging on stock-conversion plan approval
Shares of the movie theater chain and meme stock darling plunged more than 35% Monday after AMC’s revised stock-conversion plan was approved by the Delaware Chancery Court, but rallied Tuesday to kick off a three-day winning streak. AMC’s stock is down 0.3% Friday. The company’s AMC Preferred Equity
APE,
units fell 0.3% Friday.
AMC’s plan to convert its APEs to common stock was blocked last month when Delaware Chancery Court Judge Morgan Zurn rejected a settlement that would have allowed the deal to proceed. The stock-conversion plan is part of the movie-theater chain and meme-stock darling’s ongoing battle to eliminate debt.
“AMC should now be able to raise additional equity capital,” said AMC CEO Adam Aron, in a letter to shareholders Monday. “We can use this access to equity capital to shore up our cash reserves, pay down debt, invest in growth initiatives to strengthen our operating profitability and pursue transformative merger and acquisition opportunities.”
Related: What’s next for AMC after court approval of revised stock-conversion plan?
Analyst firm Wedbush said that the court’s ruling removes “a significant overhang” for AMC. “We expect AMC and APE shares to converge around $3 into the conversion (APEs into AMC),” Wedbush analyst Alicia Reese wrote in a note released Monday.
