Spark Investment Management LLC lowered its position in MSG Networks Inc. (NYSE:MSGN) by 12.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 337,900 shares of the company’s stock after selling 47,500 shares during the period. Spark Investment Management LLC owned approximately 0.55% of MSG Networks worth $7,585,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in MSGN. LSV Asset Management raised its stake in MSG Networks by 1,659.2% in the first quarter. LSV Asset Management now owns 91,476 shares of the company’s stock worth $2,135,000 after buying an additional 86,276 shares during the period. Sentinel Trust Co. LBA acquired a new stake in MSG Networks during the first quarter worth about $210,000. Old Mutual Global Investors UK Ltd. acquired a new stake in MSG Networks during the first quarter worth about $4,101,000. Russell Investments Group Ltd. raised its stake in MSG Networks by 827.6% in the first quarter. Russell Investments Group Ltd. now owns 70,527 shares of the company’s stock worth $1,646,000 after buying an additional 62,924 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new stake in MSG Networks during the first quarter worth about $180,000. Institutional investors own 78.31% of the company’s stock.
Shares of MSG Networks Inc. (MSGN) opened at 21.45 on Wednesday. MSG Networks Inc. has a 12 month low of $15.11 and a 12 month high of $25.30. The stock has a market capitalization of $1.61 billion, a P/E ratio of 9.20 and a beta of 0.78. The firm has a 50 day moving average of $22.10 and a 200-day moving average of $22.56.
MSG Networks (NYSE:MSGN) last posted its earnings results on Friday, May 5th. The company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by $0.01. MSG Networks had a negative return on equity of 16.20% and a net margin of 26.21%. The firm had revenue of $183.20 million for the quarter, compared to analyst estimates of $182.81 million. During the same period in the previous year, the firm posted $0.59 earnings per share. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. Analysts forecast that MSG Networks Inc. will post $2.20 earnings per share for the current year.
A number of research firms have issued reports on MSGN. Morgan Stanley increased their target price on shares of MSG Networks from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Friday, April 28th. Zacks Investment Research lowered shares of MSG Networks from a “buy” rating to a “hold” rating in a report on Wednesday, April 12th. Macquarie lowered shares of MSG Networks from an “outperform” rating to a “neutral” rating and set a $26.00 target price on the stock. in a report on Wednesday, April 5th. They noted that the move was a valuation call. Evercore ISI reiterated an “outperform” rating on shares of MSG Networks in a report on Monday, April 10th. Finally, Jefferies Group LLC increased their target price on shares of MSG Networks from $20.00 to $22.00 and gave the stock a “hold” rating in a report on Monday, May 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $24.22.
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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