MSG Networks Inc. (MSGN) Cut to “Hold” at ValuEngine
ValuEngine lowered shares of MSG Networks Inc. (NYSE:MSGN) from a buy rating to a hold rating in a research note issued to investors on Monday morning.
A number of other research analysts have also commented on MSGN. Jefferies Group LLC reaffirmed a hold rating and set a $22.00 price objective on shares of MSG Networks in a research report on Monday, August 14th. FBN Securities raised shares of MSG Networks from a sector perform rating to an outperform rating in a research report on Wednesday, August 30th. Loop Capital raised shares of MSG Networks from a sell rating to a hold rating and set a $19.00 price target for the company in a research report on Monday, August 7th. Zacks Investment Research lowered shares of MSG Networks from a hold rating to a sell rating in a research report on Saturday, July 15th. Finally, BidaskClub raised shares of MSG Networks from a hold rating to a buy rating in a research report on Friday, June 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $25.00.
Shares of MSG Networks (MSGN) opened at 20.70 on Monday. MSG Networks has a 12 month low of $17.78 and a 12 month high of $25.30. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 9.33 and a beta of 0.75. The stock’s 50 day moving average price is $20.96 and its 200-day moving average price is $22.31.
MSG Networks (NYSE:MSGN) last released its earnings results on Wednesday, August 16th. The company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.01. The firm had revenue of $162.90 million during the quarter, compared to analyst estimates of $161.91 million. MSG Networks had a net margin of 24.78% and a negative return on equity of 16.56%. The business’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. Equities analysts forecast that MSG Networks will post $2.20 earnings per share for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in the business. Legal & General Group Plc boosted its stake in MSG Networks by 1.7% in the second quarter. Legal & General Group Plc now owns 24,804 shares of the company’s stock valued at $557,000 after acquiring an additional 408 shares during the last quarter. HighTower Advisors LLC raised its holdings in MSG Networks by 3.3% in the second quarter. HighTower Advisors LLC now owns 20,039 shares of the company’s stock worth $448,000 after purchasing an additional 648 shares during the period. Dubuque Bank & Trust Co. raised its holdings in MSG Networks by 8.8% in the second quarter. Dubuque Bank & Trust Co. now owns 8,373 shares of the company’s stock worth $188,000 after purchasing an additional 679 shares during the period. Mckinley Capital Management LLC Delaware raised its holdings in MSG Networks by 0.6% in the first quarter. Mckinley Capital Management LLC Delaware now owns 129,348 shares of the company’s stock worth $3,020,000 after purchasing an additional 709 shares during the period. Finally, James Investment Research Inc. raised its holdings in MSG Networks by 1.0% in the second quarter. James Investment Research Inc. now owns 81,987 shares of the company’s stock worth $1,840,000 after purchasing an additional 825 shares during the period. 76.95% of the stock is currently owned by hedge funds and other 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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