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

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Evercore ISI downgraded shares of MSG Networks (NYSE:MSGN) from an in-line rating to an underperform rating in a report published on Wednesday morning, BenzingaRatingsTable reports.

A number of other research firms have also recently weighed in on MSGN. Zacks Investment Research upgraded MSG Networks from a sell rating to a hold rating in a report on Thursday, August 8th. Rosenblatt Securities set a $23.00 price target on MSG Networks and gave the stock a hold rating in a report on Thursday, June 20th. JPMorgan Chase & Co. lowered MSG Networks from a neutral rating to an underweight rating and reduced their target price for the company from $23.00 to $19.00 in a research note on Friday, July 19th. ValuEngine lowered MSG Networks from a sell rating to a strong sell rating in a research note on Wednesday, June 26th. Finally, Morgan Stanley reduced their target price on MSG Networks from $20.00 to $17.00 and set an underweight rating on the stock in a research note on Thursday, August 15th. Four analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. MSG Networks currently has a consensus rating of Hold and a consensus price target of $18.64.

MSGN opened at $14.03 on Wednesday. The stock has a market cap of $1.26 billion, a P/E ratio of 5.70, a P/E/G ratio of 2.05 and a beta of 0.72. The stock’s 50 day simple moving average is $18.82 and its 200 day simple moving average is $21.39. MSG Networks has a 1-year low of $13.99 and a 1-year high of $28.13.

MSG Networks (NYSE:MSGN) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.07). The firm had revenue of $168.36 million during the quarter, compared to analyst estimates of $170.87 million. MSG Networks had a negative return on equity of 32.61% and a net margin of 26.27%. The business’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 EPS. As a group, equities analysts expect that MSG Networks will post 2.52 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of MSGN. Quadrant Capital Group LLC purchased a new stake in MSG Networks in the 1st quarter valued at approximately $25,000. Resources Investment Advisors LLC. lifted its stake in MSG Networks by 99.4% in the 2nd quarter. Resources Investment Advisors LLC. now owns 2,006 shares of the company’s stock valued at $42,000 after buying an additional 1,000 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in MSG Networks by 103.0% in the 1st quarter. Meeder Asset Management Inc. now owns 2,125 shares of the company’s stock valued at $46,000 after buying an additional 1,078 shares in the last quarter. Shine Investment Advisory Services Inc. lifted its stake in MSG Networks by 21.5% in the 2nd quarter. Shine Investment Advisory Services Inc. now owns 3,354 shares of the company’s stock valued at $70,000 after buying an additional 594 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of MSG Networks by 196.8% during the 1st quarter. Rockefeller Capital Management L.P. now owns 6,901 shares of the company’s stock worth $151,000 after purchasing an additional 4,576 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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