MSG Networks Inc. (MSGN) Receives $24.13 Average PT from Analysts
Shares of MSG Networks Inc. (NYSE:MSGN) have earned an average rating of “Hold” from the eleven analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $24.86.
MSGN has been the topic of a number of analyst reports. BidaskClub upgraded shares of MSG Networks from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. ValuEngine downgraded MSG Networks from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley raised their target price on MSG Networks from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, April 28th. Jefferies Group LLC raised their target price on MSG Networks from $20.00 to $22.00 and gave the company a “hold” rating in a report on Monday, May 8th. Finally, Loop Capital raised MSG Networks from a “sell” rating to a “hold” rating and set a $19.00 target price for the company in a report on Monday, August 7th.
MSG Networks (MSGN) traded up 1.20% during trading on Friday, hitting $21.00. 418,053 shares of the company traded hands. MSG Networks has a 52-week low of $17.14 and a 52-week high of $25.30. The company’s 50-day moving average is $21.52 and its 200 day moving average is $22.39. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 9.47 and a beta of 0.78.
MSG Networks (NYSE:MSGN) last announced its earnings results on Wednesday, August 16th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $162.90 million for the quarter, compared to analyst estimates of $161.91 million. MSG Networks had a net margin of 24.78% and a negative return on equity of 16.56%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. On average, equities analysts anticipate that MSG Networks will post $2.21 earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in MSGN. Dynamic Technology Lab Private Ltd increased its position in shares of MSG Networks by 36.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 13,968 shares of the company’s stock valued at $314,000 after buying an additional 3,758 shares during the last quarter. Koch Industries Inc. purchased a new position in shares of MSG Networks during the second quarter valued at $213,000. Americafirst Capital Management LLC purchased a new position in shares of MSG Networks during the second quarter valued at $161,000. CNH Partners LLC increased its position in shares of MSG Networks by 10.7% in the second quarter. CNH Partners LLC now owns 1,251,805 shares of the company’s stock valued at $28,103,000 after buying an additional 121,247 shares during the last quarter. Finally, State Street Corp increased its position in shares of MSG Networks by 5.3% in the second quarter. State Street Corp now owns 1,304,687 shares of the company’s stock valued at $29,290,000 after buying an additional 66,007 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.
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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