Zacks Investment Research downgraded shares of MSG Networks (NYSE:MSGN) from a buy rating to a hold rating in a research report report published on Thursday.
According to Zacks, “MSG Networks Inc. is engaged in production and content development which comprised of sports and entertainment networks, MSG Network and MSG+ as well as MSGNetworks.com and MSG GO. MSG Networks Inc., formerly known as Madison Square Garden Company, is based in New York. “
A number of other research analysts have also issued reports on the company. ValuEngine lowered MSG Networks from a buy rating to a hold rating in a report on Sunday, December 31st. Bank of America lifted their target price on MSG Networks from $29.00 to $31.00 and gave the stock a buy rating in a report on Tuesday, January 30th. Morgan Stanley lifted their target price on MSG Networks from $20.00 to $23.00 and gave the stock an underweight rating in a report on Wednesday, January 31st. Finally, Guggenheim lifted their target price on MSG Networks from $28.00 to $30.00 and gave the stock a buy 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 six have given a buy rating to the company’s stock. MSG Networks has an average rating of Hold and an average target price of $24.83.
NYSE:MSGN opened at $22.55 on Thursday. The stock has a market cap of $1,697.65, a P/E ratio of 9.85, a PEG ratio of 0.93 and a beta of 0.76. MSG Networks has a 52-week low of $16.15 and a 52-week high of $26.30. 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 released its earnings results on Thursday, February 1st. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.11. The firm had revenue of $181.20 million for 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%. MSG Networks’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. sell-side analysts anticipate that MSG Networks will post 3.8 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of MSGN. Bank of New York Mellon Corp increased its stake in MSG Networks by 5.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 447,493 shares of the company’s stock worth $9,487,000 after purchasing an additional 23,806 shares in the last quarter. Russell Investments Group Ltd. increased its stake in MSG Networks by 160.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 148,923 shares of the company’s stock worth $3,157,000 after purchasing an additional 91,697 shares in the last quarter. SG Americas Securities LLC purchased a new position in MSG Networks in the 3rd quarter worth about $356,000. Nordea Investment Management AB increased its stake in MSG Networks by 19.4% in the 3rd quarter. Nordea Investment Management AB now owns 100,872 shares of the company’s stock worth $2,138,000 after purchasing an additional 16,371 shares in the last quarter. Finally, Citadel Advisors LLC increased its stake in MSG Networks by 21.2% in the 3rd quarter. Citadel Advisors LLC now owns 51,750 shares of the company’s stock worth $1,097,000 after purchasing an additional 9,064 shares in the last quarter. 83.23% of the stock is currently owned by hedge funds and other institutional investors.
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MSG Networks Company Profile
MSG Networks Inc engages in the sports production, and content development and distribution businesses in the United States. The company owns and operates MSG Network and MSG+, which are regional sports and entertainment networks. It also operates MSG GO that provides live streaming and video on demand, as well as a Website and social media platforms for its brands.
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