MSG Networks Inc. (MSGN) Stock Rating Upgraded by Zacks Investment Research
MSG Networks Inc. (NYSE:MSGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $21.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 8.81% from the stock’s current price.
According to Zacks, “MSG Networks Inc. is engaged in production and content development which comprised of sports and entertainment networks, MSG Network and MSG+ as well as MSGNetworks.com and MSG GO. MSG Networks Inc., formerly known as Madison Square Garden Company, is based in New York. “
Other equities analysts have also recently issued reports about the stock. Albert Fried & Company reaffirmed a “buy” rating and issued a $28.00 target price on shares of MSG Networks in a report on Wednesday, September 7th. Jefferies Group reissued a “hold” rating on shares of MSG Networks in a research note on Monday, September 12th. JPMorgan Chase & Co. reissued a “hold” rating and issued a $19.00 price objective on shares of MSG Networks in a research note on Friday, August 19th. Finally, Loop Capital initiated coverage on shares of MSG Networks in a research note on Tuesday, August 9th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $20.09.
Shares of MSG Networks (NYSE:MSGN) opened at 19.30 on Wednesday. MSG Networks has a 12 month low of $14.73 and a 12 month high of $21.21. The stock has a 50 day moving average of $18.84 and a 200-day moving average of $17.31. The firm has a market capitalization of $1.45 billion, a PE ratio of 8.66 and a beta of 0.70.
MSG Networks (NYSE:MSGN) last announced its earnings results on Thursday, November 3rd. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $153.60 million for the quarter, compared to analysts’ expectations of $152.32 million. MSG Networks had a net margin of 25.25% and a negative return on equity of 14.17%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 EPS. On average, equities research analysts anticipate that MSG Networks will post $2.18 EPS for the current fiscal year.
In related news, insider Kathleen Margaret Dolan bought 47,864 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were bought at an average cost of $16.80 per share, for a total transaction of $804,115.20. Following the transaction, the insider now owns 4,705 shares of the company’s stock, valued at $79,044. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 18.12% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in MSG Networks by 13.4% in the second quarter. Vanguard Group Inc. now owns 6,442,967 shares of the company’s stock valued at $98,835,000 after buying an additional 759,878 shares in the last quarter. Thompson Siegel & Walmsley LLC raised its stake in MSG Networks by 37.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 3,321,528 shares of the company’s stock valued at $50,952,000 after buying an additional 897,845 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in MSG Networks by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,990,774 shares of the company’s stock valued at $30,539,000 after buying an additional 118,947 shares in the last quarter. First Eagle Investment Management LLC raised its stake in MSG Networks by 2.0% in the third quarter. First Eagle Investment Management LLC now owns 1,754,770 shares of the company’s stock valued at $32,656,000 after buying an additional 35,223 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in MSG Networks by 5.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,672,462 shares of the company’s stock valued at $31,125,000 after buying an additional 87,654 shares in the last quarter. Institutional investors and hedge funds own 78.87% of the company’s stock.
MSG Networks Company Profile
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports, entertainment and media business. The Company’s businesses include MSG Sports and MSG Entertainment. MSG Sports business includes sports business, which owns and operates the sports franchises, such as the New York Knicks (the Knicks) of the National Basketball Association (the NBA) and the New York Rangers (the Rangers) of the National Hockey League (the NHL).
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