Zacks Investment Research Lowers MSG Networks (NYSE:MSGN) to Sell

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Zacks Investment Research lowered shares of MSG Networks (NYSE:MSGN) from a hold rating to a sell rating in a research note published on Tuesday morning, 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 equities analysts have also issued reports on the company. ValuEngine lowered MSG Networks from a sell rating to a strong sell rating in a research note on Monday, August 3rd. Morgan Stanley cut their price objective on MSG Networks from $14.00 to $10.00 and set an underweight rating for the company in a research report on Tuesday, May 5th. Imperial Capital increased their target price on MSG Networks from $12.00 to $13.00 and gave the company an in-line rating in a report on Tuesday, June 9th. Rosenblatt Securities restated a hold rating and issued a $11.00 target price on shares of MSG Networks in a report on Thursday, August 13th. Finally, Guggenheim upgraded MSG Networks from a sell rating to a neutral rating and set a $10.00 target price for the company in a report on Friday, August 14th. Five analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $12.06.

Shares of MSGN stock opened at $10.13 on Tuesday. MSG Networks has a 12-month low of $8.52 and a 12-month high of $18.54. The firm has a market capitalization of $601.69 million, a price-to-earnings ratio of 3.41 and a beta of 1.01. The business has a 50 day simple moving average of $10.17 and a 200 day simple moving average of $11.71.

MSG Networks (NYSE:MSGN) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.32. MSG Networks had a negative return on equity of 30.53% and a net margin of 27.01%. On average, sell-side analysts forecast that MSG Networks will post 2.52 EPS for the current fiscal year.

In other MSG Networks news, CFO Bret Richter sold 19,214 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $10.78, for a total transaction of $207,126.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Andrea Greenberg sold 35,991 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $10.99, for a total transaction of $395,541.09. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,205 shares of company stock valued at $805,068. 26.55% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Cypress Capital LLC acquired a new stake in shares of MSG Networks in the second quarter valued at about $414,000. AQR Capital Management LLC grew its position in shares of MSG Networks by 135.2% in the second quarter. AQR Capital Management LLC now owns 35,246 shares of the company’s stock valued at $351,000 after purchasing an additional 20,258 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MSG Networks in the second quarter valued at about $281,000. Sylebra Capital Ltd acquired a new stake in shares of MSG Networks in the second quarter valued at about $16,361,000. Finally, Jane Street Group LLC acquired a new stake in shares of MSG Networks in the second quarter valued at about $211,000. 86.69% of the stock is currently owned by hedge funds and other institutional investors.

MSG Networks Company Profile

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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