GSA Capital Partners LLP grew its stake in shares of MSG Networks Inc (NYSE:MSGN) by 25.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,234 shares of the company’s stock after acquiring an additional 12,872 shares during the period. GSA Capital Partners LLP owned 0.08% of MSG Networks worth $1,341,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Neuberger Berman Group LLC raised its position in shares of MSG Networks by 2,476.2% in the second quarter. Neuberger Berman Group LLC now owns 1,017,985 shares of the company’s stock valued at $22,854,000 after buying an additional 978,470 shares in the last quarter. Vanguard Group Inc. raised its position in shares of MSG Networks by 5.7% in the second quarter. Vanguard Group Inc. now owns 6,667,275 shares of the company’s stock valued at $149,681,000 after buying an additional 360,354 shares in the last quarter. American Century Companies Inc. raised its position in shares of MSG Networks by 37.9% in the second quarter. American Century Companies Inc. now owns 1,302,569 shares of the company’s stock valued at $29,243,000 after buying an additional 358,009 shares in the last quarter. Old Mutual Global Investors UK Ltd. raised its position in shares of MSG Networks by 108.7% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 673,448 shares of the company’s stock valued at $14,277,000 after buying an additional 350,696 shares in the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of MSG Networks in the second quarter valued at approximately $213,000. Hedge funds and other institutional investors own 81.72% of the company’s stock.
MSGN has been the subject of a number of analyst reports. Morgan Stanley downgraded shares of MSG Networks from an “equal weight” rating to an “underweight” rating and set a $20.00 price target for the company. in a research report on Tuesday, October 31st. Jefferies Group decreased their price objective on shares of MSG Networks from $22.00 to $19.00 and set a “hold” rating on the stock in a research note on Friday, November 3rd. Loop Capital raised shares of MSG Networks from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Wednesday, October 11th. FBN Securities raised shares of MSG Networks from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, August 30th. Finally, KeyCorp reissued a “hold” rating on shares of MSG Networks in a research note on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $22.20.
MSG Networks (NYSE:MSGN) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $157.46 million for the quarter, compared to analysts’ expectations of $157.21 million. MSG Networks had a net margin of 24.77% and a negative return on equity of 17.40%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share. equities analysts anticipate that MSG Networks Inc will post 2.18 EPS for the current fiscal year.
MSG Networks announced that its board has authorized a share repurchase program on Friday, December 8th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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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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