MSG Networks (MSGN) Stock Rating Lowered by ValuEngine
ValuEngine lowered shares of MSG Networks (NYSE:MSGN) from a buy rating to a hold rating in a research note published on Sunday morning.
Several other equities research analysts have also recently weighed in on MSGN. Morgan Stanley cut MSG Networks from an equal weight rating to an underweight rating and set a $20.00 target price for the company. in a report on Tuesday, October 31st. Jefferies Group dropped their target price on MSG Networks from $22.00 to $19.00 and set a hold rating for the company in a report on Friday, November 3rd. Loop Capital upgraded MSG Networks from a hold rating to a buy rating and set a $19.00 target price for the company in a report on Wednesday, October 11th. KeyCorp restated a hold rating on shares of MSG Networks in a report on Tuesday, October 17th. Finally, Zacks Investment Research cut MSG Networks from a hold rating to a sell rating in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. MSG Networks currently has an average rating of Hold and a consensus price target of $22.20.
MSG Networks (MSGN) traded up $0.05 on Friday, hitting $21.15. The stock had a trading volume of 1,301,900 shares, compared to its average volume of 971,750. MSG Networks has a 1 year low of $16.15 and a 1 year high of $25.30. The company has a debt-to-equity ratio of -1.35, a current ratio of 2.75 and a quick ratio of 2.75. The stock has a market cap of $1,587.44, a PE ratio of 9.57, a P/E/G ratio of 215.09 and a beta of 0.74.
MSG Networks (NYSE:MSGN) last posted its quarterly earnings data on Thursday, November 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. MSG Networks had a negative return on equity of 17.40% and a net margin of 24.77%. The firm had revenue of $157.46 million during the quarter, compared to analysts’ expectations of $157.21 million. During the same period in the prior year, the business earned $0.54 EPS. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. research analysts expect that MSG Networks will post 2.18 EPS for the current fiscal year.
MSG Networks announced that its Board of Directors has authorized a stock repurchase plan on Friday, December 8th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MSGN. Schwab Charles Investment Management Inc. raised its position in MSG Networks by 0.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 253,057 shares of the company’s stock valued at $5,682,000 after purchasing an additional 2,307 shares during the last quarter. Rhumbline Advisers raised its position in MSG Networks by 2.7% during the 2nd quarter. Rhumbline Advisers now owns 80,510 shares of the company’s stock valued at $1,807,000 after purchasing an additional 2,098 shares during the last quarter. Bank of New York Mellon Corp raised its position in MSG Networks by 6.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 423,687 shares of the company’s stock valued at $9,511,000 after purchasing an additional 24,635 shares during the last quarter. Legal & General Group Plc raised its position in MSG Networks by 1.7% during the 2nd quarter. Legal & General Group Plc now owns 24,804 shares of the company’s stock valued at $557,000 after purchasing an additional 408 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in MSG Networks by 177.6% during 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 during the last quarter. 81.72% of the stock is owned by institutional investors and hedge funds.
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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