MSG Networks Inc (NYSE:MSGN) – Research analysts at KeyCorp increased their Q4 2018 earnings per share estimates for shares of MSG Networks in a research report issued on Thursday, according to Zacks Investment Research. KeyCorp analyst E. Wingren now anticipates that the company will post earnings per share of $0.58 for the quarter, up from their prior estimate of $0.54. KeyCorp has a “Hold” rating on the stock. KeyCorp also issued estimates for MSG Networks’ Q1 2019 earnings at $0.64 EPS and Q2 2019 earnings at $0.63 EPS.
MSG Networks (NYSE:MSGN) last issued its quarterly earnings results on Thursday, February 1st. The company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.11. The company had revenue of $181.20 million for the quarter, compared to the consensus estimate of $179.73 million. MSG Networks had a net margin of 40.97% and a negative return on equity of 19.52%. MSG Networks’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS.
A number of other research firms have also recently issued reports on MSGN. Jefferies Group dropped their price target on shares of MSG Networks from $22.00 to $19.00 and set a “hold” rating on the stock in a research note on Friday, November 3rd. Bank of America raised their price objective on MSG Networks from $29.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Morgan Stanley raised their price objective on MSG Networks from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Wednesday, January 31st. Zacks Investment Research upgraded MSG Networks from a “sell” rating to a “buy” rating and set a $27.00 price objective on the stock in a report on Thursday, February 1st. Finally, ValuEngine lowered MSG Networks from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. MSG Networks presently has an average rating of “Buy” and a consensus price target of $25.00.
Shares of MSG Networks (NYSE:MSGN) traded up $0.40 during midday trading on Monday, hitting $24.50. 76,207 shares of the stock were exchanged, compared to its average volume of 633,283. MSG Networks has a twelve month low of $16.15 and a twelve month high of $26.30. The firm has a market cap of $1,795.52, a PE ratio of 6.54, a price-to-earnings-growth ratio of 0.98 and a beta of 0.77. The company has a quick ratio of 3.11, a current ratio of 3.11 and a debt-to-equity ratio of -1.62.
MSG Networks announced that its Board of Directors has initiated a share repurchase program on Friday, December 8th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. HighTower Advisors LLC raised its holdings in shares of MSG Networks by 3.3% during the 2nd quarter. HighTower Advisors LLC now owns 20,039 shares of the company’s stock worth $448,000 after acquiring an additional 648 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of MSG Networks by 0.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 253,057 shares of the company’s stock worth $5,682,000 after acquiring an additional 2,307 shares during the period. California Public Employees Retirement System raised its holdings in shares of MSG Networks by 2.0% during the 2nd quarter. California Public Employees Retirement System now owns 135,800 shares of the company’s stock worth $3,049,000 after acquiring an additional 2,700 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of MSG Networks by 18.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 22,777 shares of the company’s stock worth $512,000 after acquiring an additional 3,572 shares during the period. Finally, Dynamic Technology Lab Private Ltd raised its holdings in shares of MSG Networks by 36.8% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 13,968 shares of the company’s stock worth $314,000 after acquiring an additional 3,758 shares during the period. Institutional investors and hedge funds own 79.01% of the company’s stock.
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About MSG Networks
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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