Evercore ISI Downgrades MSG Networks (NYSE:MSGN) to Underperform

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MSG Networks (NYSE:MSGN) was downgraded by Evercore ISI to an “underperform” rating in a research note issued to investors on Wednesday, The Fly reports.

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research raised MSG Networks from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. ValuEngine downgraded MSG Networks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Morgan Stanley dropped their target price on MSG Networks from $20.00 to $17.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. JPMorgan Chase & Co. cut MSG Networks from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $23.00 to $19.00 in a research report on Friday, July 19th. Finally, Rosenblatt Securities set a $23.00 price target on MSG Networks and gave the stock a “hold” rating in a research report on Thursday, June 20th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. MSG Networks presently has a consensus rating of “Hold” and a consensus price target of $23.20.

MSG Networks stock traded down $1.66 during mid-day trading on Wednesday, hitting $15.19. 7,407 shares of the company’s stock traded hands, compared to its average volume of 530,751. The firm has a 50 day simple moving average of $19.17 and a two-hundred day simple moving average of $21.50. MSG Networks has a fifty-two week low of $16.34 and a fifty-two week high of $28.13. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 3.89, a P/E/G ratio of 2.09 and a beta of 0.72.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in MSG Networks by 2.3% in the second quarter. Vanguard Group Inc. now owns 6,434,861 shares of the company’s stock valued at $133,460,000 after buying an additional 146,627 shares during the period. BlackRock Inc. lifted its stake in MSG Networks by 1.9% in the second quarter. BlackRock Inc. now owns 5,284,967 shares of the company’s stock valued at $109,610,000 after buying an additional 97,415 shares during the period. Clearbridge Investments LLC lifted its stake in MSG Networks by 0.6% in the first quarter. Clearbridge Investments LLC now owns 4,068,197 shares of the company’s stock valued at $88,483,000 after buying an additional 25,685 shares during the period. Alberta Investment Management Corp lifted its stake in MSG Networks by 10.5% in the second quarter. Alberta Investment Management Corp now owns 1,637,056 shares of the company’s stock valued at $33,953,000 after buying an additional 156,100 shares during the period. Finally, Gabelli Funds LLC lifted its stake in MSG Networks by 0.5% in the first quarter. Gabelli Funds LLC now owns 1,415,900 shares of the company’s stock valued at $30,796,000 after buying an additional 7,500 shares during the period. 87.91% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for MSG Networks (NYSE:MSGN)

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