Zacks Investment Research downgraded shares of MSG Networks (NYSE:MSGN) from a buy rating to a sell rating in a report released on Wednesday, Zacks.com reports.

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. “

A number of other brokerages also recently weighed in on MSGN. Rosenblatt Securities set a $15.00 target price on MSG Networks and gave the stock a hold rating in a report on Wednesday, August 21st. Imperial Capital lowered their target price on MSG Networks from $32.00 to $24.00 and set an outperform rating for the company in a report on Thursday, August 22nd. Evercore ISI downgraded MSG Networks from an in-line rating to an underperform rating in a report on Wednesday, August 21st. JPMorgan Chase & Co. downgraded MSG Networks from a neutral rating to an underweight rating and lowered their target price for the stock from $23.00 to $19.00 in a report on Friday, July 19th. Finally, Cannonball Research set a $17.00 target price on MSG Networks and gave the stock a hold rating in a report on Monday, September 9th. Five investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $17.56.

Shares of MSGN opened at $17.37 on Wednesday. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 7.06 and a beta of 0.68. The business has a 50-day moving average of $16.40 and a 200-day moving average of $18.92. MSG Networks has a 1 year low of $13.73 and a 1 year high of $27.85.

MSG Networks (NYSE:MSGN) last issued its earnings results on Thursday, November 7th. The company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.01). The business had revenue of $160.98 million during the quarter, compared to the consensus estimate of $160.64 million. MSG Networks had a negative return on equity of 34.89% and a net margin of 25.83%. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 earnings per share. On average, research analysts predict that MSG Networks will post 2.6 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Systematic Financial Management LP increased its holdings in shares of MSG Networks by 16.7% during the third quarter. Systematic Financial Management LP now owns 1,416,755 shares of the company’s stock valued at $22,980,000 after acquiring an additional 202,725 shares in the last quarter. River Road Asset Management LLC increased its holdings in shares of MSG Networks by 11.6% during the third quarter. River Road Asset Management LLC now owns 1,521,748 shares of the company’s stock valued at $24,683,000 after acquiring an additional 158,311 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in shares of MSG Networks during the third quarter valued at approximately $730,000. Tower Research Capital LLC TRC bought a new stake in shares of MSG Networks during the third quarter valued at approximately $874,000. Finally, SG Americas Securities LLC bought a new stake in shares of MSG Networks during the third quarter valued at approximately $185,000. Hedge funds and other institutional investors own 84.01% of the company’s stock.

About MSG Networks

MSG Networks Inc engages in the sports production, and content development and distribution businesses in the United States. The company owns and operates MSG Network and MSG+, which are regional sports and entertainment networks. It also operates MSG GO that provides live streaming and video on demand, as well as a Website and social media platforms for its brands.

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