Quantbot Technologies LP grew its stake in MSG Networks Inc (NYSE:MSGN) by 76.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,905 shares of the company’s stock after purchasing an additional 9,934 shares during the period. Quantbot Technologies LP’s holdings in MSG Networks were worth $485,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. increased 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 worth $91,038,000 after acquiring an additional 3,887,263 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of MSG Networks by 2,476.2% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,017,985 shares of the company’s stock worth $22,854,000 after purchasing an additional 978,470 shares during the period. Vanguard Group Inc. grew its holdings in shares of MSG Networks by 5.7% during the 2nd quarter. Vanguard Group Inc. now owns 6,667,275 shares of the company’s stock worth $149,681,000 after purchasing an additional 360,354 shares during the period. American Century Companies Inc. grew its holdings in shares of MSG Networks by 37.9% during the 2nd quarter. American Century Companies Inc. now owns 1,302,569 shares of the company’s stock worth $29,243,000 after purchasing an additional 358,009 shares during the period. Finally, Old Mutual Global Investors UK Ltd. grew its holdings in shares of MSG Networks by 108.7% during the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 673,448 shares of the company’s stock worth $14,277,000 after purchasing an additional 350,696 shares during the period. Institutional investors and hedge funds own 81.76% of the company’s stock.
A number of equities analysts recently commented on the company. FBN Securities upgraded MSG Networks from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 30th. ValuEngine lowered MSG Networks from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Jefferies Group reaffirmed a “hold” rating and issued a $22.00 price target on shares of MSG Networks in a research report on Monday, August 14th. Zacks Investment Research lowered MSG Networks from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Finally, KeyCorp reissued a “hold” rating on shares of MSG Networks in a research report on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $22.20.
MSG Networks Inc (NYSE:MSGN) traded up $0.10 during trading on Monday, hitting $19.65. The company had a trading volume of 442,212 shares, compared to its average volume of 563,654. The company has a debt-to-equity ratio of -1.35, a quick ratio of 2.75 and a current ratio of 2.75. MSG Networks Inc has a 12-month low of $16.15 and a 12-month high of $25.30. The stock has a market capitalization of $1,470.82, a P/E ratio of 8.85, a PEG ratio of 10.08 and a beta of 0.75.
MSG Networks (NYSE:MSGN) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 negative return on equity of 17.40% and a net margin of 24.77%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share. research analysts expect that MSG Networks Inc will post 2.18 EPS for the current fiscal year.
MSG Networks declared that its board has authorized a share buyback program on Friday, December 8th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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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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