Convergence Investment Partners LLC Purchases New Stake in MSG Networks Inc (MSGN)

Convergence Investment Partners LLC bought a new stake in MSG Networks Inc (NYSE:MSGN) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 48,661 shares of the company’s stock, valued at approximately $1,032,000. Convergence Investment Partners LLC owned approximately 0.06% of MSG Networks as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. 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. Dimensional Fund Advisors LP grew its holdings in shares of MSG Networks by 1.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,107,529 shares of the company’s stock worth $44,680,000 after purchasing an additional 27,456 shares during the period. State Street Corp grew its holdings in shares of MSG Networks by 5.3% during the 2nd quarter. State Street Corp now owns 1,304,687 shares of the company’s stock worth $29,290,000 after purchasing an additional 66,007 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, CNH Partners LLC grew its holdings in shares of MSG Networks by 10.7% during the 2nd quarter. CNH Partners LLC now owns 1,251,805 shares of the company’s stock worth $28,103,000 after purchasing an additional 121,247 shares during the period. Institutional investors own 81.72% of the company’s stock.

MSG Networks Inc (MSGN) traded up $0.15 on Friday, reaching $20.25. The company had a trading volume of 511,940 shares, compared to its average volume of 544,377. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of -1.35. The firm has a market cap of $1,512.20, a price-to-earnings ratio of 9.10, a price-to-earnings-growth ratio of 204.89 and a beta of 0.75. MSG Networks Inc has a 1 year low of $16.15 and a 1 year high of $25.30.

MSG Networks (NYSE:MSGN) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $157.46 million for the quarter, compared to analyst estimates of $157.21 million. MSG Networks had a negative return on equity of 17.40% and a net margin of 24.77%. MSG Networks’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 EPS. research analysts anticipate that MSG Networks Inc will post 2.18 earnings per share for the current year.

MSG Networks announced that its board has initiated a share repurchase plan on Friday, December 8th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of equities analysts have recently weighed in on MSGN shares. ValuEngine cut MSG Networks from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Loop Capital raised MSG Networks from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Wednesday, October 11th. Jefferies Group reissued a “hold” rating and set a $22.00 target price on shares of MSG Networks in a research note on Thursday, September 21st. KeyCorp reissued a “hold” rating on shares of MSG Networks in a research note on Tuesday, October 17th. Finally, Zacks Investment Research lowered MSG Networks from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. 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. The company currently has a consensus rating of “Hold” and a consensus price target of $22.20.

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About MSG Networks

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.

Institutional Ownership by Quarter for MSG Networks (NYSE:MSGN)

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