Dimensional Fund Advisors LP lifted its position in MSG Networks Inc (NYSE:MSGN) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,107,529 shares of the company’s stock after purchasing an additional 27,456 shares during the quarter. Dimensional Fund Advisors LP owned about 2.81% of MSG Networks worth $44,680,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in MSGN. Schwab Charles Investment Management Inc. grew its holdings in shares of MSG Networks by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 253,057 shares of the company’s stock valued at $5,682,000 after purchasing an additional 2,307 shares during the period. Rhumbline Advisers grew its holdings in shares of MSG Networks by 2.7% in the second quarter. Rhumbline Advisers now owns 80,510 shares of the company’s stock valued at $1,807,000 after purchasing an additional 2,098 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of MSG Networks by 6.2% in the second quarter. Bank of New York Mellon Corp now owns 423,687 shares of the company’s stock valued at $9,511,000 after purchasing an additional 24,635 shares during the period. Legal & General Group Plc lifted its position 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 buying an additional 408 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its position in MSG Networks by 177.6% in the second quarter. BNP Paribas Arbitrage SA now owns 8,347 shares of the company’s stock valued at $187,000 after buying an additional 5,340 shares during the last quarter. 81.72% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on MSGN shares. Morgan Stanley cut shares of MSG Networks from an “equal weight” rating to an “underweight” rating and set a $20.00 target price on the stock. in a research report on Tuesday, October 31st. Jefferies Group decreased their target price on shares of MSG Networks from $22.00 to $19.00 and set a “hold” rating on the stock in a research report on Friday, November 3rd. Loop Capital raised shares of MSG Networks from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Wednesday, October 11th. KeyCorp reaffirmed a “hold” rating on shares of MSG Networks in a research report on Tuesday, October 17th. Finally, Zacks Investment Research cut shares of MSG Networks from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $22.20.
Shares of MSG Networks Inc (MSGN) opened at $20.85 on Tuesday. The stock has a market cap of $1,560.00, a PE ratio of 9.39, a PEG ratio of 211.52 and a beta of 0.96. MSG Networks Inc has a 1 year low of $16.15 and a 1 year high of $25.30. The company has a debt-to-equity ratio of -1.35, a quick ratio of 2.75 and a current ratio of 2.75.
MSG Networks (NYSE:MSGN) last issued its quarterly earnings results on Thursday, November 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The business had revenue of $157.46 million for the quarter, compared to analysts’ expectations of $157.21 million. MSG Networks had a net margin of 24.77% and a negative return on equity of 17.40%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. research analysts expect that MSG Networks Inc will post 2.18 EPS for the current fiscal year.
MSG Networks announced that its Board of Directors has initiated a stock buyback program on Friday, December 8th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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MSG Networks 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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