Imperial Capital Trims MSG Networks (NYSE:MSGN) Target Price to $24.00

MSG Networks (NYSE:MSGN) had its price target cut by Imperial Capital from $32.00 to $24.00 in a research report released on Thursday, BenzingaRatingsTable reports. They currently have an outperform rating on the stock. Imperial Capital also issued estimates for MSG Networks’ Q4 2020 earnings at $0.58 EPS and FY2020 earnings at $2.64 EPS.

A number of other equities analysts also recently commented on MSGN. Zacks Investment Research raised shares of MSG Networks from a sell rating to a hold rating in a research note on Thursday, August 8th. Evercore ISI downgraded MSG Networks from an in-line rating to an underperform rating in a research report on Wednesday. Rosenblatt Securities set a $23.00 price target on MSG Networks and gave the stock a hold rating in a research report on Thursday, June 20th. JPMorgan Chase & Co. downgraded MSG Networks from a neutral rating to an underweight rating and reduced their price target for the stock from $23.00 to $19.00 in a research report on Friday, July 19th. Finally, ValuEngine downgraded MSG Networks from a sell rating to a strong sell rating in a research report on Wednesday, June 26th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $18.64.

Shares of NYSE:MSGN opened at $14.03 on Thursday. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 5.92, a price-to-earnings-growth ratio of 1.79 and a beta of 0.72. MSG Networks has a 52 week low of $13.99 and a 52 week high of $28.13. The firm has a 50 day moving average of $18.82 and a 200 day moving average of $21.39.

MSG Networks (NYSE:MSGN) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.07). The business had revenue of $168.36 million during the quarter, compared to the consensus estimate of $170.87 million. MSG Networks had a negative return on equity of 34.89% and a net margin of 25.83%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS. As a group, equities analysts anticipate that MSG Networks will post 2.43 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Shine Investment Advisory Services Inc. grew its holdings in shares of MSG Networks by 21.5% during the second quarter. Shine Investment Advisory Services Inc. now owns 3,354 shares of the company’s stock valued at $70,000 after buying an additional 594 shares during the last quarter. First Republic Investment Management Inc. grew its holdings in shares of MSG Networks by 7.4% during the second quarter. First Republic Investment Management Inc. now owns 10,805 shares of the company’s stock valued at $224,000 after buying an additional 746 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of MSG Networks by 3.7% during the second quarter. HighTower Advisors LLC now owns 21,226 shares of the company’s stock valued at $441,000 after buying an additional 767 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of MSG Networks by 2.1% during the second quarter. Jennison Associates LLC now owns 37,612 shares of the company’s stock valued at $780,000 after buying an additional 788 shares during the last quarter. Finally, Resources Investment Advisors LLC. grew its holdings in shares of MSG Networks by 99.4% during the second quarter. Resources Investment Advisors LLC. now owns 2,006 shares of the company’s stock valued at $42,000 after buying an additional 1,000 shares during the last quarter. 87.91% of the stock is currently owned by hedge funds and other institutional investors.

About MSG Networks

MSG Networks Inc engages in the sports production, and content development and distribution businesses in the United States. The company owns and operates MSG Network and MSG+, which are regional sports and entertainment networks. It also operates MSG GO that provides live streaming and video on demand, as well as a Website and social media platforms for its brands.

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