Zacks Investment Research Downgrades MSG Networks (MSGN) to Sell

MSG Networks (NYSE:MSGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

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. “

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Several other equities research analysts have also issued reports on the stock. Bank of America raised their price target on shares of MSG Networks from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Guggenheim raised their price target on shares of MSG Networks from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. ValuEngine lowered shares of MSG Networks from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, Morgan Stanley raised their price target on shares of MSG Networks from $20.00 to $23.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $24.83.

NYSE:MSGN opened at $22.85 on Wednesday. The company has a quick ratio of 3.11, a current ratio of 3.11 and a debt-to-equity ratio of -1.62. The stock has a market capitalization of $1,712.71, a price-to-earnings ratio of 10.29, a PEG ratio of 1.48 and a beta of 0.76. MSG Networks has a 52 week low of $16.15 and a 52 week high of $26.30.

MSG Networks (NYSE:MSGN) last posted 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. The firm had revenue of $181.20 million during the quarter, compared to analyst estimates of $179.73 million. MSG Networks had a net margin of 40.97% and a negative return on equity of 19.52%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. equities analysts forecast that MSG Networks will post 2.4 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in shares of MSG Networks by 126.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,881 shares of the company’s stock worth $241,000 after purchasing an additional 6,645 shares during the last quarter. First Republic Investment Management Inc. purchased a new stake in shares of MSG Networks during the 4th quarter worth approximately $306,000. AXA purchased a new stake in shares of MSG Networks during the 4th quarter worth approximately $312,000. Ellington Management Group LLC increased its stake in shares of MSG Networks by 42.7% during the 4th quarter. Ellington Management Group LLC now owns 15,700 shares of the company’s stock worth $318,000 after purchasing an additional 4,700 shares during the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new stake in shares of MSG Networks during the 4th quarter worth approximately $338,000. Institutional investors own 83.23% of the company’s stock.

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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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