ValuEngine Upgrades MSG Networks Inc. (MSGN) to “Buy”
ValuEngine upgraded shares of MSG Networks Inc. (NYSE:MSGN) from a hold rating to a buy rating in a research note published on Monday.
Several other equities analysts have also weighed in on the stock. Jefferies Group LLC reaffirmed a hold rating and set a $22.00 price objective on shares of MSG Networks in a research report on Thursday, September 21st. FBN Securities upgraded MSG Networks from a sector perform rating to an outperform rating in a report on Wednesday, August 30th. Loop Capital upgraded MSG Networks from a sell rating to a hold rating and set a $19.00 price target on the stock in a report on Monday, August 7th. Zacks Investment Research downgraded MSG Networks from a hold rating to a sell rating in a report on Saturday, July 15th. Finally, BidaskClub upgraded MSG Networks from a hold rating to a buy rating in a report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. MSG Networks presently has a consensus rating of Buy and an average price target of $24.86.
MSG Networks (NYSE MSGN) traded up 0.342% during midday trading on Monday, reaching $21.975. 100,295 shares of the company’s stock traded hands. MSG Networks has a 52 week low of $18.20 and a 52 week high of $25.30. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 9.908 and a beta of 0.76. The company’s 50-day moving average price is $20.97 and its 200 day moving average price is $22.31.
MSG Networks (NYSE:MSGN) last issued its quarterly earnings data on Wednesday, August 16th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. The firm 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. On average, equities research analysts expect that MSG Networks will post $2.20 earnings per share for the current year.
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Hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. acquired a new position in MSG Networks during the first quarter valued at approximately $120,000. Victory Capital Management Inc. acquired a new position in MSG Networks during the first quarter valued at approximately $146,000. Americafirst Capital Management LLC acquired a new position in MSG Networks during the second quarter valued at approximately $161,000. BNP Paribas Arbitrage SA grew its holdings in MSG Networks by 177.6% during the second 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. Finally, Dubuque Bank & Trust Co. grew its holdings in MSG Networks by 8.8% during the second 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 during the last quarter. Institutional investors own 76.95% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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