Systematic Financial Management LP increased its stake in shares of MSG Networks Inc (NYSE:MSGN) by 692.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 971,893 shares of the company’s stock after acquiring an additional 849,193 shares during the quarter. Systematic Financial Management LP owned approximately 1.29% of MSG Networks worth $19,681,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of MSGN. Ameriprise Financial Inc. boosted its stake in MSG Networks by 18.6% during the second quarter. Ameriprise Financial Inc. now owns 22,777 shares of the company’s stock worth $512,000 after acquiring an additional 3,572 shares in the last quarter. Nationwide Fund Advisors boosted its stake in MSG Networks by 21.2% during the second quarter. Nationwide Fund Advisors now owns 41,997 shares of the company’s stock worth $943,000 after acquiring an additional 7,352 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in MSG Networks by 38.6% during the second quarter. UBS Asset Management Americas Inc. now owns 33,649 shares of the company’s stock worth $755,000 after acquiring an additional 9,375 shares in the last quarter. Northern Trust Corp boosted its stake in MSG Networks by 0.8% during the second quarter. Northern Trust Corp now owns 770,642 shares of the company’s stock worth $17,300,000 after acquiring an additional 6,057 shares in the last quarter. Finally, FMR LLC boosted its stake in MSG Networks by 30.6% during the second quarter. FMR LLC now owns 429,600 shares of the company’s stock worth $9,645,000 after acquiring an additional 100,600 shares in the last quarter. 83.23% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on MSGN. Bank of America raised their price objective on shares of MSG Networks from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Zacks Investment Research raised shares of MSG Networks from a “sell” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Thursday, February 1st. Guggenheim raised their price objective on shares of MSG Networks from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. ValuEngine lowered shares of MSG Networks from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, Morgan Stanley raised their price objective on shares of MSG Networks from $20.00 to $23.00 and gave the company an “underweight” rating in a research note on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $25.00.
MSG Networks (NYSE:MSGN) last announced its earnings results on Thursday, February 1st. The company reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.11. The company had revenue of $181.20 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.57 earnings per share. equities research analysts predict that MSG Networks Inc will post 3.8 earnings per share for the current year.
MSG Networks announced that its Board of Directors has approved a stock buyback plan on Friday, December 8th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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About MSG Networks
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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