Zacks: Brokerages Expect MSG Networks Inc. (NYSE:MSGN) Will Post Quarterly Sales of $162.89 Million
Wall Street analysts expect MSG Networks Inc. (NYSE:MSGN) to announce $162.89 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for MSG Networks’ earnings, with the highest sales estimate coming in at $164.00 million and the lowest estimate coming in at $162.00 million. MSG Networks posted sales of $160.52 million during the same quarter last year, which suggests a positive year-over-year growth rate of 1.5%. The company is scheduled to report its next earnings results on Thursday, August 17th.
According to Zacks, analysts expect that MSG Networks will report full-year sales of $162.89 million for the current financial year, with estimates ranging from $674.00 million to $677.00 million. For the next fiscal year, analysts forecast that the business will report sales of $694.02 million per share, with estimates ranging from $690.00 million to $699.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover MSG Networks.
MSG Networks (NYSE:MSGN) last posted its earnings results on Friday, May 5th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by $0.01. The company had revenue of $183.20 million for the quarter, compared to the consensus estimate of $182.81 million. MSG Networks had a net margin of 26.21% and a negative return on equity of 16.20%. MSG Networks’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.59 EPS.
MSGN has been the topic of a number of recent research reports. Evercore ISI reiterated an “outperform” rating on shares of MSG Networks in a research report on Monday, April 10th. Zacks Investment Research lowered MSG Networks from a “buy” rating to a “hold” rating in a research report on Wednesday, April 12th. Morgan Stanley upped their target price on MSG Networks from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Friday, April 28th. Jefferies Group LLC upped their target price on MSG Networks from $20.00 to $22.00 and gave the company a “hold” rating in a research report on Monday, May 8th. Finally, ValuEngine lowered MSG Networks from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $24.22.
MSG Networks (NYSE:MSGN) opened at 20.25 on Friday. The company has a market cap of $1.52 billion, a PE ratio of 8.68 and a beta of 0.78. MSG Networks has a 52 week low of $15.11 and a 52 week high of $25.30. The stock has a 50 day moving average of $22.10 and a 200 day moving average of $22.56.
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A number of hedge funds and other institutional investors have recently made changes to their positions in MSGN. Ameritas Investment Partners Inc. bought a new position in shares of MSG Networks during the first quarter worth about $120,000. Victory Capital Management Inc. bought a new position in shares of MSG Networks during the first quarter worth about $146,000. Russell Investments Group Ltd. bought a new position in shares of MSG Networks during the fourth quarter worth about $162,000. Dubuque Bank & Trust Co. bought a new position in shares of MSG Networks during the first quarter worth about $180,000. Finally, BNP Paribas Arbitrage SA increased its position in shares of MSG Networks by 177.6% in the second quarter. BNP Paribas Arbitrage SA now owns 8,347 shares of the company’s stock worth $187,000 after buying an additional 5,340 shares during the last quarter. 78.31% of the stock is owned by institutional investors.
MSG Networks Company Profile
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports production, and content development and distribution. The Company owns and operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania.
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