Magnetar Financial LLC purchased a new stake in MSG Networks Inc (NYSE:MSGN) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 14,128 shares of the company’s stock, valued at approximately $300,000.
Several other large investors have also recently added to or reduced their stakes in MSGN. Neuberger Berman Group LLC raised its position in shares of MSG Networks by 2,476.2% in the 2nd quarter. Neuberger Berman Group LLC now owns 1,017,985 shares of the company’s stock valued at $22,854,000 after purchasing an additional 978,470 shares during the last quarter. Vanguard Group Inc. raised its position in shares of MSG Networks by 5.7% in the 2nd quarter. Vanguard Group Inc. now owns 6,667,275 shares of the company’s stock valued at $149,681,000 after purchasing an additional 360,354 shares during the last quarter. American Century Companies Inc. raised its position in shares of MSG Networks by 37.9% in the 2nd quarter. American Century Companies Inc. now owns 1,302,569 shares of the company’s stock valued at $29,243,000 after purchasing an additional 358,009 shares during the last quarter. Old Mutual Global Investors UK Ltd. raised its position in shares of MSG Networks by 108.7% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 673,448 shares of the company’s stock valued at $14,277,000 after purchasing an additional 350,696 shares during the last quarter. Finally, Koch Industries Inc. purchased a new position in shares of MSG Networks in the 2nd quarter valued at approximately $213,000. Institutional investors and hedge funds own 81.76% of the company’s stock.
MSG Networks Inc (NYSE:MSGN) opened at $19.80 on Friday. MSG Networks Inc has a 1 year low of $16.15 and a 1 year high of $25.30. The company has a debt-to-equity ratio of -1.35, a quick ratio of 2.75 and a current ratio of 2.75. The stock has a market cap of $1,485.87, a P/E ratio of 8.94, a price-to-earnings-growth ratio of 201.32 and a beta of 0.75.
MSG Networks (NYSE:MSGN) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. MSG Networks had a net margin of 24.77% and a negative return on equity of 17.40%. The company had revenue of $157.46 million during the quarter, compared to analyst estimates of $157.21 million. During the same period last year, the firm posted $0.54 EPS. MSG Networks’s revenue for the quarter was up 2.5% compared to the same quarter last year. equities analysts predict that MSG Networks Inc will post 2.18 earnings per share for the current fiscal year.
MSG Networks declared that its board has initiated a share repurchase program on Friday, December 8th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
Several brokerages recently commented on MSGN. Jefferies Group decreased their price objective on shares of MSG Networks from $22.00 to $19.00 and set a “hold” rating for the company in a research report on Friday, November 3rd. Morgan Stanley lowered shares of MSG Networks from an “equal weight” rating to an “underweight” rating and set a $20.00 price objective for the company. in a research report on Tuesday, October 31st. Zacks Investment Research lowered shares of MSG Networks from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. KeyCorp reaffirmed a “hold” rating on shares of MSG Networks in a research report on Tuesday, October 17th. Finally, Loop Capital raised shares of MSG Networks from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $22.20.
About MSG Networks
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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