MSG Networks Inc. (MSGN) Cut to “Underweight” at Morgan Stanley

Morgan Stanley lowered shares of MSG Networks Inc. (NYSE:MSGN) from an equal weight rating to an underweight rating in a research report report published on Tuesday morning, MarketBeat reports. The firm currently has $20.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on MSGN. KeyCorp reiterated a hold rating on shares of MSG Networks in a report on Tuesday, October 17th. ValuEngine cut MSG Networks from a strong-buy rating to a buy rating in a report on Friday, September 1st. Jefferies Group LLC restated a hold rating and set a $22.00 price objective on shares of MSG Networks in a research note on Thursday, September 21st. Zacks Investment Research cut MSG Networks from a hold rating to a sell rating in a research note on Wednesday, October 18th. Finally, Loop Capital upgraded MSG Networks from a hold rating to a buy rating and set a $19.00 price objective for the company in a research note on Wednesday, October 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. The stock has an average rating of Hold and an average price target of $23.86.

Shares of MSG Networks (NYSE MSGN) traded up $0.05 during mid-day trading on Tuesday, hitting $17.05. The company’s stock had a trading volume of 1,066,149 shares, compared to its average volume of 660,519. The firm has a market cap of $1.30 billion, a PE ratio of 7.83 and a beta of 0.74.

MSG Networks (NYSE:MSGN) last issued its earnings results on Thursday, November 2nd. The company reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.02. MSG Networks had a negative return on equity of 17.02% and a net margin of 24.77%. The business had revenue of $157.46 million during the quarter, compared to analysts’ expectations of $157.21 million. During the same period in the prior year, the business earned $0.54 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. equities research analysts predict that MSG Networks will post 2.17 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc lifted its stake in shares of MSG Networks by 1.7% during the 2nd quarter. Legal & General Group Plc now owns 24,804 shares of the company’s stock worth $557,000 after purchasing an additional 408 shares during the last quarter. HighTower Advisors LLC lifted its stake 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 purchasing an additional 648 shares during the last quarter. Dubuque Bank & Trust Co. lifted its stake in shares of MSG Networks by 8.8% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 8,373 shares of the company’s stock worth $188,000 after purchasing an additional 679 shares during the last quarter. James Investment Research Inc. raised its stake in MSG Networks by 1.0% in the second quarter. James Investment Research Inc. now owns 81,987 shares of the company’s stock valued at $1,840,000 after buying an additional 825 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in MSG Networks by 17.6% in the second quarter. Victory Capital Management Inc. now owns 7,330 shares of the company’s stock valued at $165,000 after buying an additional 1,097 shares during the last quarter. Hedge funds and other institutional investors own 77.41% of the company’s stock.

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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