Chicago Equity Partners LLC lowered its holdings in shares of MSG Networks Inc (NYSE:MSGN) by 34.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 125,435 shares of the company’s stock after selling 66,480 shares during the period. Chicago Equity Partners LLC’s holdings in MSG Networks were worth $2,955,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in MSGN. Amalgamated Bank bought a new position in MSG Networks during the third quarter worth $208,000. Meeder Asset Management Inc. raised its stake in MSG Networks by 446.5% during the third quarter. Meeder Asset Management Inc. now owns 8,952 shares of the company’s stock worth $231,000 after buying an additional 7,314 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in MSG Networks during the third quarter worth $237,000. Verition Fund Management LLC bought a new position in MSG Networks during the third quarter worth $262,000. Finally, Brown Advisory Inc. raised its stake in MSG Networks by 35.2% during the third quarter. Brown Advisory Inc. now owns 14,007 shares of the company’s stock worth $361,000 after buying an additional 3,649 shares during the last quarter. 85.05% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have commented on MSGN. ValuEngine cut shares of MSG Networks from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 30th. Guggenheim cut shares of MSG Networks from a “buy” rating to a “neutral” rating in a report on Monday, January 7th. Zacks Investment Research upgraded shares of MSG Networks from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a report on Wednesday, October 17th. Finally, Imperial Capital raised their price target on shares of MSG Networks to $32.00 and gave the stock an “outperform” rating in a report on Friday, October 19th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.
MSG Networks (NYSE:MSGN) last issued its quarterly earnings data on Tuesday, February 5th. The company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). The business had revenue of $192.90 million for the quarter, compared to analyst estimates of $186.33 million. MSG Networks had a net margin of 25.57% and a negative return on equity of 28.99%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.65 earnings per share. Sell-side analysts anticipate that MSG Networks Inc will post 2.51 EPS for the current fiscal year.
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About MSG Networks
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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