MSG Networks Inc. (MSGN) Shares Sold by Weik Investment Services Inc.
Weik Investment Services Inc. decreased its stake in MSG Networks Inc. (NYSE:MSGN) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,125 shares of the company’s stock after selling 350 shares during the quarter. Weik Investment Services Inc.’s holdings in MSG Networks were worth $519,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of MSG Networks during the first quarter worth approximately $120,000. Victory Capital Management Inc. purchased a new position in MSG Networks in the 1st quarter valued at $146,000. BNP Paribas Arbitrage SA lifted its holdings in MSG Networks by 177.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,347 shares of the company’s stock valued at $187,000 after purchasing an additional 5,340 shares in the last quarter. Dubuque Bank & Trust Co. lifted its holdings in MSG Networks by 8.8% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 8,373 shares of the company’s stock valued at $188,000 after purchasing an additional 679 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings 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 purchasing an additional 8,173 shares in the last quarter. Institutional investors and hedge funds own 76.95% of the company’s stock.
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Several brokerages have issued reports on MSGN. BidaskClub raised shares of MSG Networks from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. ValuEngine cut shares of MSG Networks from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Jefferies Group LLC reiterated a “hold” rating and issued a $22.00 target price on shares of MSG Networks in a research report on Monday, August 14th. Loop Capital raised shares of MSG Networks from a “sell” rating to a “hold” rating and set a $19.00 price target on the stock in a research note on Monday, August 7th. Finally, Zacks Investment Research downgraded shares of MSG Networks from a “hold” rating to a “sell” rating in a research note on Saturday, July 15th. 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’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $25.00.
Shares of MSG Networks Inc. (NYSE:MSGN) traded up 0.94% during mid-day trading on Monday, reaching $21.40. The company’s stock had a trading volume of 96,988 shares. The firm has a market capitalization of $1.61 billion, a P/E ratio of 9.65 and a beta of 0.76. The company’s 50-day moving average is $20.99 and its 200 day moving average is $22.32. MSG Networks Inc. has a 1-year low of $18.20 and a 1-year high of $25.30.
MSG Networks (NYSE:MSGN) last released its quarterly earnings results on Wednesday, August 16th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. MSG Networks had a net margin of 24.78% and a negative return on equity of 16.56%. The business had revenue of $162.90 million for the quarter, compared to analyst estimates of $161.91 million. During the same period in the prior year, the business earned $0.57 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, analysts expect that MSG Networks Inc. will post $2.20 earnings per share for the current year.
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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