MSG Networks Inc. (MSGN) Receives $20.38 Average PT from Analysts
Shares of MSG Networks Inc. (NYSE:MSGN) have received an average rating of “Hold” from the ten analysts that are covering the firm. Two investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $20.38.
Several research firms recently weighed in on MSGN. Zacks Investment Research upgraded MSG Networks from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Wednesday. Jefferies Group restated a “hold” rating on shares of MSG Networks in a research report on Monday, September 12th. Albert Fried & Company restated a “buy” rating and set a $28.00 price target on shares of MSG Networks in a research report on Wednesday, September 7th. JPMorgan Chase & Co. restated a “hold” rating and set a $19.00 price target on shares of MSG Networks in a research report on Friday, August 19th. Finally, Loop Capital began coverage on MSG Networks in a report on Tuesday, August 9th. They issued a “hold” rating on the stock.
Shares of MSG Networks (NYSE:MSGN) opened at 20.30 on Thursday. The stock’s 50 day moving average price is $18.89 and its 200 day moving average price is $17.33. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 9.11 and a beta of 0.70. MSG Networks has a 12 month low of $14.73 and a 12 month high of $21.21.
MSG Networks (NYSE:MSGN) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.09. MSG Networks had a negative return on equity of 14.17% and a net margin of 25.25%. The company had revenue of $153.60 million for the quarter, compared to analyst estimates of $152.32 million. During the same period in the previous year, the company posted $0.54 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. Analysts expect that MSG Networks will post $2.21 EPS for the current year.
In other MSG Networks news, insider Kathleen Margaret Dolan purchased 47,864 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was purchased at an average price of $16.80 per share, for a total transaction of $804,115.20. Following the completion of the purchase, the insider now directly owns 4,705 shares of the company’s stock, valued at $79,044. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 18.12% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of MSGN. Rhumbline Advisers boosted its stake in MSG Networks by 1.0% in the third quarter. Rhumbline Advisers now owns 77,789 shares of the company’s stock worth $1,448,000 after buying an additional 800 shares during the period. Fiera Capital Corp boosted its stake in MSG Networks by 1.1% in the second quarter. Fiera Capital Corp now owns 79,700 shares of the company’s stock worth $1,223,000 after buying an additional 900 shares during the period. I.G. Investment Management LTD. boosted its stake in MSG Networks by 9.4% in the second quarter. I.G. Investment Management LTD. now owns 12,742 shares of the company’s stock worth $195,000 after buying an additional 1,091 shares during the period. California State Teachers Retirement System boosted its stake in MSG Networks by 1.0% in the third quarter. California State Teachers Retirement System now owns 126,025 shares of the company’s stock worth $2,345,000 after buying an additional 1,200 shares during the period. Finally, TIAA CREF Investment Management LLC boosted its stake in MSG Networks by 0.5% in the third quarter. TIAA CREF Investment Management LLC now owns 336,009 shares of the company’s stock worth $6,253,000 after buying an additional 1,562 shares during the period. Institutional investors 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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