MSG Networks (MSGN) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of MSG Networks (NYSE:MSGN) from a hold rating to a sell rating in a research note published on Wednesday.

According to Zacks, “MSG Networks Inc. is engaged in production and content development which comprised of sports and entertainment networks, MSG Network and MSG+ as well as MSGNetworks.com and MSG GO. MSG Networks Inc., formerly known as Madison Square Garden Company, is based in New York. “

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Other analysts have also issued reports about the stock. Bank of America boosted their target price on shares of MSG Networks from $29.00 to $31.00 and gave the company a buy rating in a research report on Tuesday, January 30th. Guggenheim boosted their target price on shares of MSG Networks from $28.00 to $30.00 and gave the company a buy rating in a research report on Wednesday, January 31st. ValuEngine lowered shares of MSG Networks from a buy rating to a hold rating in a research report on Friday, February 2nd. Finally, Morgan Stanley upped their price target on shares of MSG Networks from $20.00 to $23.00 and gave the stock an underweight rating in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. MSG Networks currently has a consensus rating of Hold and a consensus target price of $24.83.

MSGN opened at $22.75 on Wednesday. The company has a debt-to-equity ratio of -1.62, a current ratio of 3.11 and a quick ratio of 3.11. MSG Networks has a twelve month low of $16.15 and a twelve month high of $26.30. The company has a market cap of $1,712.71, a PE ratio of 9.93, a P/E/G ratio of 1.48 and a beta of 0.76.

MSG Networks (NYSE:MSGN) last announced its earnings results on Thursday, February 1st. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.11. The company had revenue of $181.20 million during the quarter, compared to analyst estimates of $179.73 million. MSG Networks had a net margin of 40.97% and a negative return on equity of 19.52%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.57 earnings per share. research analysts predict that MSG Networks will post 2.4 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in shares of MSG Networks by 5.6% in the third quarter. Bank of New York Mellon Corp now owns 447,493 shares of the company’s stock worth $9,487,000 after buying an additional 23,806 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of MSG Networks by 34.7% in the third quarter. Wells Fargo & Company MN now owns 456,039 shares of the company’s stock worth $9,669,000 after buying an additional 117,515 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of MSG Networks by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,107,529 shares of the company’s stock worth $44,680,000 after buying an additional 27,456 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of MSG Networks by 51.0% in the third quarter. Neuberger Berman Group LLC now owns 1,536,767 shares of the company’s stock worth $32,579,000 after buying an additional 518,782 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in shares of MSG Networks by 25.6% in the third quarter. GSA Capital Partners LLP now owns 63,234 shares of the company’s stock worth $1,341,000 after buying an additional 12,872 shares in the last quarter. Institutional investors and hedge funds own 83.23% of the company’s stock.

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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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