Dimensional Fund Advisors LP boosted its position in MSG Networks Inc (NYSE:MSGN) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,107,529 shares of the company’s stock after acquiring an additional 27,456 shares during the quarter. Dimensional Fund Advisors LP’s holdings in MSG Networks were worth $44,680,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 360,354 shares in the last quarter. State Street Corp raised its holdings in MSG Networks by 5.3% in the second quarter. State Street Corp now owns 1,304,687 shares of the company’s stock valued at $29,290,000 after acquiring an additional 66,007 shares in the last quarter. CNH Partners LLC raised its holdings in MSG Networks by 10.7% in the second quarter. CNH Partners LLC now owns 1,251,805 shares of the company’s stock valued at $28,103,000 after acquiring an additional 121,247 shares in the last quarter. Bamco Inc. NY raised its holdings in MSG Networks by 12.5% in the second quarter. Bamco Inc. NY now owns 1,125,000 shares of the company’s stock valued at $25,256,000 after acquiring an additional 125,000 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC raised its holdings in MSG Networks by 9.5% in the third quarter. Thompson Siegel & Walmsley LLC now owns 943,352 shares of the company’s stock valued at $19,999,000 after acquiring an additional 81,650 shares in the last quarter. 81.72% of the stock is currently owned by hedge funds and other institutional investors.
MSG Networks Inc (NYSE:MSGN) opened at $20.85 on Tuesday. The company has a market cap of $1,560.00, a P/E ratio of 9.39, a price-to-earnings-growth ratio of 211.52 and a beta of 0.96. MSG Networks Inc has a one year low of $16.15 and a one year high of $25.30. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of -1.35.
MSG Networks declared that its Board of Directors has initiated a share repurchase program on Friday, December 8th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several analysts recently weighed in on MSGN shares. Morgan Stanley cut shares of MSG Networks from an “equal weight” rating to an “underweight” rating and set a $20.00 target price on the stock. in a report on Tuesday, October 31st. Jefferies Group dropped their price target 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 upgraded shares of MSG Networks from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Wednesday, October 11th. KeyCorp reiterated a “hold” rating on shares of MSG Networks in a research note on Tuesday, October 17th. Finally, Zacks Investment Research lowered shares of MSG Networks from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $22.20.
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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