State of New Jersey Common Pension Fund D cut its stake in MSG Networks Inc (NYSE:MSGN) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 680,000 shares of the company’s stock after selling 7,000 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.91% of MSG Networks worth $17,544,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. KAMES CAPITAL plc boosted its holdings in shares of MSG Networks by 38.5% in the third quarter. KAMES CAPITAL plc now owns 41,598 shares of the company’s stock valued at $1,073,000 after acquiring an additional 11,565 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of MSG Networks by 1.0% in the second quarter. Northern Trust Corp now owns 787,262 shares of the company’s stock valued at $18,854,000 after acquiring an additional 7,899 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of MSG Networks by 30.2% in the second quarter. Bank of New York Mellon Corp now owns 620,621 shares of the company’s stock valued at $14,864,000 after acquiring an additional 144,017 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of MSG Networks in the second quarter valued at approximately $522,000. Finally, HPM Partners LLC boosted its holdings in shares of MSG Networks by 8.9% in the second quarter. HPM Partners LLC now owns 29,987 shares of the company’s stock valued at $718,000 after acquiring an additional 2,459 shares in the last quarter. Institutional investors and hedge funds own 83.99% of the company’s stock.
MSGN has been the subject of several recent analyst reports. ValuEngine upgraded shares of MSG Networks from a “strong sell” rating to a “sell” rating in a report on Thursday, July 19th. Zacks Investment Research upgraded shares of MSG Networks from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a report on Wednesday. Imperial Capital raised their target price on shares of MSG Networks to $32.00 and gave the stock an “outperform” rating in a report on Friday. They noted that the move was a valuation call. Finally, Jefferies Financial Group restated a “hold” rating and set a $23.00 target price on shares of MSG Networks in a report on Friday, August 17th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. MSG Networks currently has a consensus rating of “Hold” and an average target price of $27.33.
MSG Networks (NYSE:MSGN) last issued its earnings results on Wednesday, August 15th. The company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. The firm had revenue of $171.40 million during the quarter, compared to analysts’ expectations of $166.01 million. MSG Networks had a net margin of 41.46% and a negative return on equity of 24.41%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. As a group, sell-side analysts anticipate that MSG Networks Inc will post 2.58 EPS for the current year.
MSG Networks Company Profile
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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