Fox Point Capital Management LLC Continues to Hold Stake in MSG Networks Inc. (MSGN)
Fox Point Capital Management LLC held its stake in shares of MSG Networks Inc. (NYSE:MSGN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the company’s stock at the end of the second quarter. MSG Networks makes up 2.9% of Fox Point Capital Management LLC’s portfolio, making the stock its 11th biggest holding. Fox Point Capital Management LLC owned about 0.08% of MSG Networks worth $1,122,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Bank of America Corp DE boosted its position in MSG Networks by 605.8% in the 1st quarter. Bank of America Corp DE now owns 990,055 shares of the company’s stock valued at $23,118,000 after buying an additional 849,778 shares during the period. Hays Advisory LLC purchased a new position in MSG Networks in the 2nd quarter valued at approximately $3,916,000. PNC Financial Services Group Inc. boosted its position in MSG Networks by 222.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,855 shares of the company’s stock valued at $276,000 after buying an additional 8,173 shares during the period. American International Group Inc. boosted its position in MSG Networks by 229.4% in the 1st quarter. American International Group Inc. now owns 112,771 shares of the company’s stock valued at $2,633,000 after buying an additional 78,539 shares during the period. Finally, Clark Capital Management Group Inc. purchased a new position in MSG Networks in the 1st quarter valued at approximately $1,897,000. 76.95% of the stock is owned by institutional investors.
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MSG Networks (NYSE:MSGN) last announced its earnings results on Wednesday, August 16th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. The business had revenue of $162.90 million during the quarter, compared to the consensus estimate of $161.91 million. MSG Networks had a net margin of 24.78% and a negative return on equity of 16.56%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 earnings per share.
Several equities analysts have commented on MSGN shares. BidaskClub raised shares of MSG Networks from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research cut shares of MSG Networks from a “hold” rating to a “sell” rating in a research report on Saturday, July 15th. Loop Capital raised shares of MSG Networks from a “sell” rating to a “hold” rating and set a $19.00 price target for the company in a research report on Monday, August 7th. ValuEngine cut shares of MSG Networks from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, FBN Securities raised shares of MSG Networks from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $25.00.
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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