Spark Investment Management LLC purchased a new stake in MSG Networks Inc. (NYSE:MSGN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 385,400 shares of the company’s stock, valued at approximately $8,999,000. MSG Networks accounts for approximately 0.6% of Spark Investment Management LLC’s portfolio, making the stock its 24th largest position. Spark Investment Management LLC owned approximately 0.51% of MSG Networks as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new stake in shares of MSG Networks during the first quarter valued at about $120,000. Victory Capital Management Inc. bought a new stake in MSG Networks during the first quarter valued at $146,000. Russell Investments Group Ltd. bought a new stake in MSG Networks during the fourth quarter valued at $162,000. Dubuque Bank & Trust Co. bought a new stake in MSG Networks during the first quarter valued at $180,000. Finally, 361 Capital LLC bought a new stake in MSG Networks during the first quarter valued at $207,000. Institutional investors and hedge funds own 79.71% of the company’s stock.
MSG Networks Inc. (MSGN) opened at 22.05 on Friday. MSG Networks Inc. has a 52 week low of $14.73 and a 52 week high of $25.30. The stock has a market capitalization of $1.66 billion, a PE ratio of 9.46 and a beta of 0.78. The stock has a 50 day moving average price of $22.37 and a 200 day moving average price of $22.42.
MSG Networks (NYSE:MSGN) last announced its earnings results on Friday, May 5th. The company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $183.20 million during the quarter, compared to analyst estimates of $182.81 million. MSG Networks had a net margin of 26.21% and a negative return on equity of 16.20%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the company earned $0.59 earnings per share. Equities analysts forecast that MSG Networks Inc. will post $2.21 EPS for the current year.
Several analysts recently weighed in on the company. Morgan Stanley increased their price target on MSG Networks from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, April 28th. Zacks Investment Research lowered MSG Networks from a “buy” rating to a “hold” rating in a research note on Wednesday, April 12th. Macquarie lowered MSG Networks from an “outperform” rating to a “neutral” rating and set a $26.00 target price on the stock. in a research note on Wednesday, April 5th. They noted that the move was a valuation call. Evercore ISI reissued an “outperform” rating on shares of MSG Networks in a research report on Monday, April 10th. Finally, Jefferies Group LLC increased their price target on MSG Networks from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Monday, May 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $24.22.
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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