Bank of Montreal Can lowered its position in MSG Networks Inc (NYSE:MSGN) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 133,142 shares of the company’s stock after selling 5,876 shares during the quarter. Bank of Montreal Can owned 0.18% of MSG Networks worth $2,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC increased its position in MSG Networks by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 4,068,197 shares of the company’s stock valued at $88,483,000 after purchasing an additional 25,685 shares during the period. Systematic Financial Management LP increased its position in MSG Networks by 0.4% during the 2nd quarter. Systematic Financial Management LP now owns 1,214,030 shares of the company’s stock valued at $25,179,000 after purchasing an additional 4,777 shares during the period. Geode Capital Management LLC increased its position in MSG Networks by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 645,089 shares of the company’s stock valued at $15,198,000 after purchasing an additional 53,079 shares during the period. Selz Capital LLC acquired a new stake in MSG Networks during the 2nd quarter valued at approximately $12,263,000. Finally, Federated Investors Inc. PA increased its position in MSG Networks by 34.8% during the 1st quarter. Federated Investors Inc. PA now owns 510,021 shares of the company’s stock valued at $11,093,000 after purchasing an additional 131,553 shares during the period. 85.83% of the stock is owned by institutional investors.
A number of research firms have weighed in on MSGN. Cannonball Research set a $17.00 target price on shares of MSG Networks and gave the company a “hold” rating in a research report on Monday. Zacks Investment Research raised shares of MSG Networks from a “sell” rating to a “hold” rating in a research report on Saturday, September 7th. Imperial Capital decreased their target price on shares of MSG Networks from $32.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, August 22nd. ValuEngine downgraded shares of MSG Networks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. downgraded shares of MSG Networks from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $23.00 to $19.00 in a research report on Friday, July 19th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. MSG Networks currently has a consensus rating of “Hold” and a consensus price target of $18.44.
MSG Networks stock opened at $17.17 on Friday. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 6.98 and a beta of 0.71. MSG Networks Inc has a 52-week low of $13.73 and a 52-week high of $28.13. The stock’s 50 day moving average price is $17.17 and its two-hundred day moving average price is $20.72.
MSG Networks (NYSE:MSGN) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.07). The business had revenue of $168.36 million for the quarter, compared to the consensus estimate of $170.87 million. MSG Networks had a negative return on equity of 34.89% and a net margin of 25.83%. MSG Networks’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. Sell-side analysts expect that MSG Networks Inc will post 2.57 earnings per share for the current fiscal year.
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.
Further Reading: Fundamental Analysis
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