Ellington Management Group LLC increased its holdings in MSG Networks Inc (NYSE:MSGN) by 42.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,700 shares of the company’s stock after purchasing an additional 4,700 shares during the quarter. Ellington Management Group LLC’s holdings in MSG Networks were worth $318,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its holdings in MSG Networks by 126.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,881 shares of the company’s stock worth $241,000 after purchasing an additional 6,645 shares during the period. Schroder Investment Management Group raised its holdings in MSG Networks by 53.2% in the 4th quarter. Schroder Investment Management Group now owns 19,300 shares of the company’s stock worth $391,000 after purchasing an additional 6,700 shares during the period. Swiss National Bank raised its holdings in MSG Networks by 7.1% in the 4th quarter. Swiss National Bank now owns 108,000 shares of the company’s stock worth $2,187,000 after purchasing an additional 7,200 shares during the period. First National Bank of Omaha raised its holdings in MSG Networks by 17.2% in the 4th quarter. First National Bank of Omaha now owns 51,180 shares of the company’s stock worth $1,036,000 after purchasing an additional 7,525 shares during the period. Finally, Citadel Advisors LLC raised its holdings in shares of MSG Networks by 21.2% during the third quarter. Citadel Advisors LLC now owns 51,750 shares of the company’s stock valued at $1,097,000 after acquiring an additional 9,064 shares during the last quarter. 83.23% of the stock is owned by institutional investors.
MSG Networks Inc (MSGN) opened at $25.05 on Friday. MSG Networks Inc has a fifty-two week low of $16.15 and a fifty-two week high of $26.30. The company has a market capitalization of $1,878.34, a P/E ratio of 6.79, a price-to-earnings-growth ratio of 1.02 and a beta of 0.72. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of -1.62.
MSG Networks (NYSE:MSGN) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.11. The business had revenue of $181.20 million during the quarter, compared to analyst estimates of $179.73 million. MSG Networks had a negative return on equity of 19.52% and a net margin of 40.97%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 earnings per share. equities research analysts expect that MSG Networks Inc will post 3.8 EPS for the current fiscal year.
MSG Networks announced that its board has initiated a share repurchase plan on Friday, December 8th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have commented on MSGN shares. Zacks Investment Research raised MSG Networks from a “sell” rating to a “buy” rating and set a $27.00 target price for the company in a report on Thursday, February 1st. Guggenheim increased their target price on MSG Networks from $28.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. Bank of America increased their target price on MSG Networks from $29.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. ValuEngine cut MSG Networks from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Finally, Morgan Stanley increased their target price on MSG Networks from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. MSG Networks currently has a consensus rating of “Buy” and an average target price of $25.00.
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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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