Nissay Asset Management Corp Japan ADV grew its holdings in MSG Networks Inc (NYSE:MSGN) by 42.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 118,138 shares of the company’s stock after buying an additional 35,229 shares during the quarter. Nissay Asset Management Corp Japan ADV owned approximately 0.16% of MSG Networks worth $2,570,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in MSG Networks in the 4th quarter worth approximately $23,737,000. Cerity Partners LLC lifted its stake in shares of MSG Networks by 4.3% in the 4th quarter. Cerity Partners LLC now owns 24,630 shares of the company’s stock valued at $580,000 after purchasing an additional 1,005 shares during the period. Convergence Investment Partners LLC purchased a new position in shares of MSG Networks in the 4th quarter valued at approximately $286,000. Morgan Stanley lifted its stake in shares of MSG Networks by 227.9% in the 3rd quarter. Morgan Stanley now owns 515,259 shares of the company’s stock valued at $13,294,000 after purchasing an additional 358,123 shares during the period. Finally, Oak Ridge Investments LLC purchased a new position in shares of MSG Networks in the 4th quarter valued at approximately $11,082,000. Institutional investors and hedge funds own 90.14% of the company’s stock.
A number of research analysts have recently commented on MSGN shares. Zacks Investment Research upgraded MSG Networks from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Tuesday, January 22nd. Rosenblatt Securities restated a “neutral” rating and issued a $23.00 target price on shares of MSG Networks in a research note on Monday, May 6th. ValuEngine upgraded MSG Networks from a “strong sell” rating to a “sell” rating in a research note on Friday, February 8th. Finally, Morgan Stanley lowered their target price on MSG Networks from $22.00 to $20.00 and set an “underweight” rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $24.60.
MSGN opened at $22.38 on Thursday. The company has a market capitalization of $1.64 billion, a PE ratio of 5.87, a PEG ratio of 1.78 and a beta of 0.78. MSG Networks Inc has a 52 week low of $18.90 and a 52 week high of $28.13.
MSG Networks (NYSE:MSGN) last released its earnings results on Thursday, May 2nd. The company reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.05. The company had revenue of $195.10 million during the quarter, compared to analysts’ expectations of $192.03 million. MSG Networks had a negative return on equity of 32.61% and a net margin of 26.27%. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. As a group, analysts expect that MSG Networks Inc will post 2.53 earnings per share for the current year.
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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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