Gotham Asset Management LLC lessened its stake in MSG Networks Inc (NYSE:MSGN) by 18.2% in the 4th quarter, Holdings Channel reports. The firm owned 379,442 shares of the company’s stock after selling 84,637 shares during the period. Gotham Asset Management LLC’s holdings in MSG Networks were worth $7,684,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Element Capital Management LLC acquired a new stake in MSG Networks during the fourth quarter worth $4,252,000. Millennium Management LLC increased its stake in MSG Networks by 4.0% during the fourth quarter. Millennium Management LLC now owns 535,950 shares of the company’s stock worth $10,853,000 after acquiring an additional 20,381 shares during the last quarter. HBK Investments L P increased its stake in MSG Networks by 45.6% during the fourth quarter. HBK Investments L P now owns 116,628 shares of the company’s stock worth $2,362,000 after acquiring an additional 36,528 shares during the last quarter. Ellington Management Group LLC increased its stake in MSG Networks by 42.7% during the fourth quarter. Ellington Management Group LLC now owns 15,700 shares of the company’s stock worth $318,000 after acquiring an additional 4,700 shares during the last quarter. Finally, Jefferies Group LLC acquired a new stake in MSG Networks during the fourth quarter worth $717,000. 83.23% of the stock is owned by hedge funds and other institutional investors.
MSGN has been the subject of several recent analyst reports. Zacks Investment Research raised MSG Networks from a “sell” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Thursday, February 1st. Guggenheim raised their target price on MSG Networks from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Bank of America raised their target price on MSG Networks from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. ValuEngine lowered MSG Networks from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Finally, Morgan Stanley raised their price target on MSG Networks from $20.00 to $23.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $25.00.
MSG Networks (NYSE:MSGN) last released its quarterly earnings results on Thursday, February 1st. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.54 by $0.11. MSG Networks had a negative return on equity of 19.52% and a net margin of 40.97%. The business had revenue of $181.20 million during the quarter, compared to analyst estimates of $179.73 million. During the same period last year, the business posted $0.57 earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. equities research analysts predict that MSG Networks Inc will post 3.8 EPS for the current year.
MSG Networks declared that its board has approved a stock repurchase program on Friday, December 8th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
MSG Networks 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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