MSG Networks (NYSE:MSGN) had its target price reduced by Morgan Stanley from $22.00 to $20.00 in a report published on Friday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an underweight rating on the stock.
A number of other brokerages have also recently weighed in on MSGN. ValuEngine cut MSG Networks from a sell rating to a strong sell rating in a report on Friday, March 15th. Zacks Investment Research cut MSG Networks from a buy rating to a hold rating in a report on Friday, January 25th. Finally, Guggenheim cut MSG Networks from a buy rating to a neutral rating in a report on Monday, January 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $24.60.
Shares of MSGN opened at $22.21 on Friday. The stock has a market cap of $1.61 billion, a PE ratio of 5.83, a price-to-earnings-growth ratio of 1.75 and a beta of 0.78. MSG Networks has a 12-month low of $18.55 and a 12-month high of $28.13.
MSG Networks (NYSE:MSGN) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.05. The firm had revenue of $195.10 million during the quarter, compared to the consensus estimate of $192.03 million. MSG Networks had a negative return on equity of 31.18% and a net margin of 26.27%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the company posted $0.62 EPS. On average, sell-side analysts forecast that MSG Networks will post 2.52 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in MSGN. Quadrant Capital Group LLC purchased a new position in shares of MSG Networks during the 1st quarter valued at about $25,000. Athena Capital Advisors LLC purchased a new position in MSG Networks in the 4th quarter worth approximately $36,000. Meeder Asset Management Inc. increased its stake in MSG Networks by 103.0% in the 1st quarter. Meeder Asset Management Inc. now owns 2,125 shares of the company’s stock worth $46,000 after purchasing an additional 1,078 shares during the period. Loeb Partners Corp purchased a new position in MSG Networks in the 4th quarter worth approximately $47,000. Finally, Advisor Group Inc. increased its stake in MSG Networks by 54.4% in the 4th quarter. Advisor Group Inc. now owns 9,667 shares of the company’s stock worth $227,000 after purchasing an additional 3,407 shares during the period. 88.26% of the stock is currently owned by institutional investors.
MSG Networks Company Profile
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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