Schroder Investment Management Group cut its stake in shares of MSG Networks Inc (NYSE:MSGN) by 34.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,600 shares of the company’s stock after selling 6,700 shares during the period. Schroder Investment Management Group’s holdings in MSG Networks were worth $285,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Ellington Management Group LLC grew its stake in shares of MSG Networks by 42.7% during the fourth quarter. Ellington Management Group LLC now owns 15,700 shares of the company’s stock worth $318,000 after purchasing an additional 4,700 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of MSG Networks by 126.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,881 shares of the company’s stock worth $241,000 after purchasing an additional 6,645 shares during the period. Northern Trust Corp grew its stake in shares of MSG Networks by 0.9% during the first quarter. Northern Trust Corp now owns 779,363 shares of the company’s stock worth $17,612,000 after purchasing an additional 6,821 shares during the period. Swiss National Bank grew its stake in shares of MSG Networks by 7.1% during the fourth quarter. Swiss National Bank now owns 108,000 shares of the company’s stock worth $2,187,000 after purchasing an additional 7,200 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of MSG Networks by 22.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 56,577 shares of the company’s stock worth $1,279,000 after purchasing an additional 10,378 shares during the period. 82.48% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on MSGN shares. Morgan Stanley reduced their target price on MSG Networks from $23.00 to $19.00 and set an “underweight” rating on the stock in a report on Friday, June 1st. Zacks Investment Research upgraded MSG Networks from a “sell” rating to a “hold” rating in a report on Tuesday, May 8th. BTIG Research lowered MSG Networks from a “buy” rating to a “neutral” rating in a report on Monday, April 30th. Finally, ValuEngine lowered MSG Networks from a “hold” rating to a “sell” rating in a report on Friday, April 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $24.17.
MSG Networks (NYSE:MSGN) last posted its earnings results on Thursday, May 3rd. The company reported $0.62 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.62. The firm had revenue of $186.60 million for the quarter, compared to analyst estimates of $187.92 million. MSG Networks had a negative return on equity of 21.60% and a net margin of 41.18%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.58 earnings per share. analysts predict that MSG Networks Inc will post 2.4 earnings per share for the current year.
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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