MSG Networks Inc. (MSGN) Given Consensus Recommendation of “Hold” by Brokerages
Shares of MSG Networks Inc. (NYSE:MSGN) have received a consensus recommendation of “Hold” from the thirteen brokerages that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $24.29.
A number of equities research analysts have issued reports on MSGN shares. Zacks Investment Research downgraded shares of MSG Networks from a “hold” rating to a “sell” rating in a research note on Saturday, July 15th. Loop Capital upgraded shares of MSG Networks from a “sell” rating to a “hold” rating and set a $19.00 price objective on the stock in a research note on Monday, August 7th. Jefferies Group LLC reiterated a “hold” rating and set a $22.00 price objective on shares of MSG Networks in a research note on Monday, August 14th. FBN Securities upgraded shares of MSG Networks from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, August 30th. Finally, ValuEngine downgraded shares of MSG Networks from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st.
MSG Networks (NYSE:MSGN) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $157.46 million for the quarter, compared to the consensus estimate of $157.21 million. MSG Networks had a net margin of 24.78% and a negative return on equity of 16.56%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of MSG Networks by 5.7% in the 2nd quarter. Vanguard Group Inc. now owns 6,667,275 shares of the company’s stock valued at $149,681,000 after purchasing an additional 360,354 shares in the last quarter. BlackRock Inc. boosted its stake in shares of MSG Networks by 33,563.0% in the 1st quarter. BlackRock Inc. now owns 3,898,845 shares of the company’s stock valued at $91,038,000 after purchasing an additional 3,887,263 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of MSG Networks by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,080,073 shares of the company’s stock valued at $46,698,000 after purchasing an additional 127,441 shares in the last quarter. State Street Corp boosted its stake in shares of MSG Networks by 5.3% in the 2nd quarter. State Street Corp now owns 1,304,687 shares of the company’s stock valued at $29,290,000 after purchasing an additional 66,007 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of MSG Networks by 37.9% in the 2nd quarter. American Century Companies Inc. now owns 1,302,569 shares of the company’s stock valued at $29,243,000 after purchasing an additional 358,009 shares in the last quarter. Institutional investors own 77.41% of the company’s stock.
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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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