Loop Capital upgraded shares of MSG Networks Inc. (NYSE:MSGN) from a sell rating to a hold rating in a research note published on Monday, August 7th, Marketbeat reports. Loop Capital currently has $19.00 price target on the stock.
MSGN has been the topic of several other research reports. Zacks Investment Research lowered MSG Networks from a buy rating to a hold rating in a report on Wednesday, April 12th. ValuEngine lowered MSG Networks from a strong-buy rating to a buy rating in a research note on Friday, June 2nd. BidaskClub raised MSG Networks from a hold rating to a buy rating in a research note on Friday, June 30th. Jefferies Group LLC increased their price objective on MSG Networks from $20.00 to $22.00 and gave the company a hold rating in a research note on Monday, May 8th. Finally, Morgan Stanley increased their target price on MSG Networks from $22.00 to $24.00 and gave the stock an equal weight rating in a research report on Friday, April 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. MSG Networks currently has a consensus rating of Hold and an average price target of $24.33.
Shares of MSG Networks (NYSE:MSGN) traded up 1.48% on Monday, reaching $20.55. The company’s stock had a trading volume of 482,793 shares. MSG Networks has a 1-year low of $17.14 and a 1-year high of $25.30. The company has a 50 day moving average of $21.57 and a 200 day moving average of $22.41. The stock has a market capitalization of $1.54 billion, a P/E ratio of 9.27 and a beta of 0.78.
MSG Networks (NYSE:MSGN) last posted its earnings results on Wednesday, August 16th. The company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The company had revenue of $162.90 million for the quarter, compared to analyst estimates of $161.91 million. MSG Networks had a negative return on equity of 16.56% and a net margin of 24.78%. MSG Networks’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 earnings per share. Equities research analysts expect that MSG Networks will post $2.20 earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the company. Chicago Equity Partners LLC purchased a new position in MSG Networks during the first quarter worth approximately $1,420,000. LSV Asset Management increased its stake in shares of MSG Networks by 1,659.2% in the first quarter. LSV Asset Management now owns 91,476 shares of the company’s stock valued at $2,135,000 after buying an additional 86,276 shares during the last quarter. Sentinel Trust Co. LBA bought a new stake in shares of MSG Networks during the first quarter valued at approximately $210,000. Old Mutual Global Investors UK Ltd. bought a new stake in shares of MSG Networks during the first quarter valued at approximately $4,101,000. Finally, Russell Investments Group Ltd. increased its stake in shares of MSG Networks by 827.6% in the first quarter. Russell Investments Group Ltd. now owns 70,527 shares of the company’s stock valued at $1,646,000 after buying an additional 62,924 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.
MSG Networks Company 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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