Catalyst Capital Advisors LLC bought a new stake in MSG Networks Inc (NYSE:MSGN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 16,700 shares of the company’s stock, valued at approximately $338,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in MSGN. Ameriprise Financial Inc. grew its position in shares of MSG Networks by 18.6% in the second quarter. Ameriprise Financial Inc. now owns 22,777 shares of the company’s stock valued at $512,000 after purchasing an additional 3,572 shares during the period. Nationwide Fund Advisors grew its position in shares of MSG Networks by 21.2% in the second quarter. Nationwide Fund Advisors now owns 41,997 shares of the company’s stock valued at $943,000 after purchasing an additional 7,352 shares during the period. UBS Asset Management Americas Inc. grew its position in shares of MSG Networks by 38.6% in the second quarter. UBS Asset Management Americas Inc. now owns 33,649 shares of the company’s stock valued at $755,000 after purchasing an additional 9,375 shares during the period. Northern Trust Corp grew its position in shares of MSG Networks by 0.8% in the second quarter. Northern Trust Corp now owns 770,642 shares of the company’s stock valued at $17,300,000 after purchasing an additional 6,057 shares during the period. Finally, Vanguard Group Inc. boosted its position in MSG Networks by 5.7% during the second quarter. Vanguard Group Inc. now owns 6,667,275 shares of the company’s stock worth $149,681,000 after acquiring an additional 360,354 shares during the last quarter. Institutional investors and hedge funds own 79.01% of the company’s stock.
MSG Networks Inc (NYSE MSGN) opened at $24.90 on Friday. The firm has a market cap of $1,836.93, a PE ratio of 10.65, a P/E/G ratio of 1.00 and a beta of 0.77. MSG Networks Inc has a 52-week low of $16.15 and a 52-week high of $26.30. The company has a debt-to-equity ratio of -1.62, a quick ratio of 3.11 and a current ratio of 3.11.
MSG Networks (NYSE:MSGN) last posted its earnings results on Thursday, February 1st. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.11. The company had revenue of $181.20 million for the quarter, compared to analyst estimates 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 revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. analysts anticipate that MSG Networks Inc will post 3.8 EPS for the current fiscal year.
MSG Networks declared that its board has authorized a stock repurchase plan on Friday, December 8th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of research firms recently weighed in on MSGN. ValuEngine lowered shares of MSG Networks from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded shares of MSG Networks from a “sell” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Thursday, February 1st. Morgan Stanley boosted their price target on shares of MSG Networks from $20.00 to $23.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 31st. Guggenheim boosted their price target on shares of MSG Networks from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Finally, Bank of America boosted their price target on shares of MSG Networks from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $25.00.
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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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