BNP Paribas Arbitrage SA Increases Position in MSG Networks Inc. (MSGN)
BNP Paribas Arbitrage SA raised its position in shares of MSG Networks Inc. (NYSE:MSGN) by 86.9% during the third quarter, Holdings Channel reports. The fund owned 5,623 shares of the company’s stock after buying an additional 2,614 shares during the period. BNP Paribas Arbitrage SA’s holdings in MSG Networks were worth $105,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the stock. Thompson Siegel & Walmsley LLC increased its position in shares of MSG Networks by 37.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 3,321,528 shares of the company’s stock valued at $50,952,000 after buying an additional 897,845 shares in the last quarter. BlackRock Fund Advisors increased its position in shares of MSG Networks by 155.0% in the second quarter. BlackRock Fund Advisors now owns 1,426,265 shares of the company’s stock valued at $21,879,000 after buying an additional 867,049 shares in the last quarter. Vanguard Group Inc. increased its position in shares of MSG Networks by 13.4% in the second quarter. Vanguard Group Inc. now owns 6,442,967 shares of the company’s stock valued at $98,835,000 after buying an additional 759,878 shares in the last quarter. EverPoint Asset Management LLC purchased a new position in shares of MSG Networks during the second quarter valued at $6,136,000. Finally, Goldman Sachs Group Inc. increased its position in shares of MSG Networks by 58.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,001,681 shares of the company’s stock valued at $17,319,000 after buying an additional 367,803 shares in the last quarter. 79.04% of the stock is owned by hedge funds and other institutional investors.
Shares of MSG Networks Inc. (NYSE:MSGN) opened at 18.42 on Friday. MSG Networks Inc. has a 52-week low of $14.73 and a 52-week high of $21.72. The company has a 50-day moving average of $18.16 and a 200-day moving average of $17.02. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 186.06 and a beta of 0.83.
MSG Networks (NYSE:MSGN) last released its quarterly earnings results on Thursday, August 18th. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.08. The company had revenue of $160.50 million for the quarter, compared to analyst estimates of $159.84 million. MSG Networks had a net margin of 1.16% and a negative return on equity of 13.76%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Equities research analysts anticipate that MSG Networks Inc. will post $2.10 EPS for the current year.
Several brokerages have commented on MSGN. Jefferies Group reiterated a “hold” rating on shares of MSG Networks in a research note on Monday, September 12th. Albert Fried & Company reiterated a “buy” rating and issued a $28.00 price target on shares of MSG Networks in a research note on Wednesday, September 7th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $19.00 price target on shares of MSG Networks in a research note on Friday, August 19th. Zacks Investment Research cut shares of MSG Networks from a “buy” rating to a “hold” rating in a research note on Wednesday, August 17th. Finally, Loop Capital began coverage on shares of MSG Networks in a research note on Tuesday, August 9th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.97.
In other news, insider Kathleen Margaret Dolan purchased 47,864 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were bought at an average price of $16.80 per share, for a total transaction of $804,115.20. Following the completion of the transaction, the insider now owns 4,705 shares in the company, valued at $79,044. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 19.60% of the company’s stock.
About MSG Networks
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports, entertainment and media business. The Company’s businesses include MSG Sports and MSG Entertainment. MSG Sports business includes sports business, which owns and operates the sports franchises, such as the New York Knicks (the Knicks) of the National Basketball Association (the NBA) and the New York Rangers (the Rangers) of the National Hockey League (the NHL).
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