Chicago Equity Partners LLC decreased its holdings in shares of MSG Networks Inc (NYSE:MSGN) by 54.6% in the 4th quarter, Holdings Channel reports. The firm owned 54,325 shares of the company’s stock after selling 65,250 shares during the quarter. Chicago Equity Partners LLC’s holdings in MSG Networks were worth $1,100,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of MSGN. Schwab Charles Investment Management Inc. lifted its stake in MSG Networks by 0.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 253,057 shares of the company’s stock worth $5,682,000 after purchasing an additional 2,307 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in MSG Networks by 18.6% during the second quarter. Ameriprise Financial Inc. now owns 22,777 shares of the company’s stock worth $512,000 after purchasing an additional 3,572 shares during the last quarter. Nationwide Fund Advisors lifted its stake in MSG Networks by 21.2% during the second quarter. Nationwide Fund Advisors now owns 41,997 shares of the company’s stock worth $943,000 after purchasing an additional 7,352 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in MSG Networks by 38.6% during the second quarter. UBS Asset Management Americas Inc. now owns 33,649 shares of the company’s stock worth $755,000 after purchasing an additional 9,375 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in MSG Networks by 0.8% during the second quarter. Northern Trust Corp now owns 770,642 shares of the company’s stock worth $17,300,000 after purchasing an additional 6,057 shares during the last quarter. Hedge funds and other institutional investors own 80.47% of the company’s stock.
Several equities research analysts recently weighed in on MSGN shares. KeyCorp restated a “hold” rating on shares of MSG Networks in a research note on Tuesday, October 17th. Zacks Investment Research lowered MSG Networks from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Morgan Stanley lowered MSG Networks from an “equal weight” rating to an “underweight” rating and set a $20.00 price target on the stock. in a research report on Tuesday, October 31st. Jefferies Group cut their price target on MSG Networks from $22.00 to $19.00 and set a “hold” rating on the stock in a research report on Friday, November 3rd. Finally, ValuEngine lowered MSG Networks from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $25.00.
MSG Networks (NYSE:MSGN) last released its quarterly earnings results on Thursday, February 1st. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.54 by $0.11. The company 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%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. equities analysts expect that MSG Networks Inc will post 3.8 EPS for the current year.
MSG Networks declared that its board has approved a stock repurchase program on Friday, December 8th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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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