Archer Capital Management L.P. decreased its stake in shares of MSG Networks Inc (NYSE:MSGN) by 88.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 49,405 shares of the company’s stock after selling 384,650 shares during the quarter. MSG Networks comprises about 0.4% of Archer Capital Management L.P.’s portfolio, making the stock its 19th largest holding. Archer Capital Management L.P.’s holdings in MSG Networks were worth $1,000,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Quantbot Technologies LP boosted its position in shares of MSG Networks by 76.6% during the third quarter. Quantbot Technologies LP now owns 22,905 shares of the company’s stock worth $485,000 after acquiring an additional 9,934 shares during the last quarter. Convergence Investment Partners LLC bought a new position in shares of MSG Networks during the third quarter worth $1,032,000. Citadel Advisors LLC boosted its position in shares of MSG Networks by 21.2% during the third quarter. Citadel Advisors LLC now owns 51,750 shares of the company’s stock worth $1,097,000 after acquiring an additional 9,064 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of MSG Networks during the fourth quarter worth $338,000. Finally, James Investment Research Inc. boosted its position in shares of MSG Networks by 24.8% during the fourth quarter. James Investment Research Inc. now owns 100,275 shares of the company’s stock worth $2,031,000 after acquiring an additional 19,900 shares during the last quarter. Hedge funds and other institutional investors own 83.23% of the company’s stock.
MSG Networks Inc (MSGN) opened at $25.20 on Wednesday. MSG Networks Inc has a 12-month low of $16.15 and a 12-month high of $26.30. The company has a debt-to-equity ratio of -1.62, a quick ratio of 3.11 and a current ratio of 3.11. The company has a market cap of $1,904.69, a price-to-earnings ratio of 6.83, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72.
MSG Networks (NYSE:MSGN) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.11. MSG Networks had a net margin of 40.97% and a negative return on equity of 19.52%. The business had revenue of $181.20 million during the quarter, compared to analyst estimates of $179.73 million. During the same quarter last year, the business earned $0.57 earnings per share. MSG Networks’s quarterly revenue was up 3.2% compared to the same quarter last year. equities research analysts forecast that MSG Networks Inc will post 3.8 EPS for the current fiscal year.
MSG Networks declared that its board has approved a stock buyback plan on Friday, December 8th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
A number of equities analysts recently weighed in on the stock. ValuEngine lowered shares of MSG Networks from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded shares of MSG Networks from a “sell” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Thursday, February 1st. Morgan Stanley upped their target price on shares of MSG Networks from $20.00 to $23.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 31st. Guggenheim upped their target price on shares of MSG Networks from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Finally, Bank of America upped their target price on shares of MSG Networks from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. MSG Networks presently has a consensus rating of “Buy” and a consensus price target of $25.00.
MSG Networks 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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