Shares of MSG Networks Inc (NYSE:MSGN) have received an average rating of “Hold” from the nine research firms that are covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $17.58.
A number of brokerages have recently issued reports on MSGN. Macquarie dropped their price objective on MSG Networks from $22.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. ValuEngine downgraded shares of MSG Networks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 26th. Zacks Investment Research upgraded shares of MSG Networks from a “sell” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. cut shares of MSG Networks from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $23.00 to $19.00 in a report on Friday, July 19th. Finally, Imperial Capital dropped their target price on shares of MSG Networks from $32.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, August 22nd.
MSGN stock traded down $0.18 during midday trading on Friday, hitting $17.17. The company’s stock had a trading volume of 6,986 shares, compared to its average volume of 925,759. The company’s fifty day moving average price is $17.20 and its 200 day moving average price is $20.75. MSG Networks has a twelve month low of $13.73 and a twelve month high of $28.13. The stock has a market capitalization of $1.28 billion, a P/E ratio of 7.05 and a beta of 0.71.
MSG Networks (NYSE:MSGN) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.07). The company had revenue of $168.36 million during the quarter, compared to the consensus estimate of $170.87 million. MSG Networks had a net margin of 25.83% and a negative return on equity of 34.89%. MSG Networks’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS. As a group, equities research analysts forecast that MSG Networks will post 2.57 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of MSGN. Nuveen Asset Management LLC acquired a new position in shares of MSG Networks in the second quarter valued at approximately $17,063,000. Selz Capital LLC acquired a new position in MSG Networks in the 2nd quarter valued at $12,263,000. Bank of New York Mellon Corp increased its position in MSG Networks by 58.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,236,474 shares of the company’s stock worth $25,645,000 after buying an additional 454,190 shares during the period. Renaissance Technologies LLC increased its position in MSG Networks by 97.8% during the 2nd quarter. Renaissance Technologies LLC now owns 496,800 shares of the company’s stock worth $10,304,000 after buying an additional 245,600 shares during the period. Finally, Raymond James & Associates bought a new position in MSG Networks during the first quarter worth about $4,689,000. Hedge funds and other institutional investors own 85.83% of the company’s stock.
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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