Acadian Asset Management LLC Buys 319,622 Shares of MSG Networks Inc (MSGN)

Acadian Asset Management LLC boosted its stake in shares of MSG Networks Inc (NYSE:MSGN) by 112.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 603,961 shares of the company’s stock after purchasing an additional 319,622 shares during the period. Acadian Asset Management LLC owned 0.81% of MSG Networks worth $15,584,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of MSGN. Ariel Investments LLC lifted its position in shares of MSG Networks by 0.5% in the second quarter. Ariel Investments LLC now owns 9,114,348 shares of the company’s stock valued at $218,289,000 after buying an additional 45,018 shares during the last quarter. BlackRock Inc. increased its stake in shares of MSG Networks by 4.0% during the second quarter. BlackRock Inc. now owns 4,007,343 shares of the company’s stock worth $95,977,000 after purchasing an additional 155,426 shares during the period. Gamco Investors INC. ET AL increased its stake in shares of MSG Networks by 1.0% during the second quarter. Gamco Investors INC. ET AL now owns 2,044,489 shares of the company’s stock worth $48,966,000 after purchasing an additional 20,574 shares during the period. Gabelli Funds LLC increased its stake in shares of MSG Networks by 0.6% during the second quarter. Gabelli Funds LLC now owns 1,411,600 shares of the company’s stock worth $33,808,000 after purchasing an additional 9,000 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in shares of MSG Networks by 98.2% during the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,359,656 shares of the company’s stock worth $32,564,000 after purchasing an additional 673,483 shares during the period. 83.77% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE MSGN opened at $25.52 on Monday. The company has a market cap of $1.90 billion, a PE ratio of 6.70, a PEG ratio of 1.10 and a beta of 0.71. MSG Networks Inc has a 1-year low of $16.15 and a 1-year high of $28.13.

MSG Networks (NYSE:MSGN) last announced its earnings results on Friday, November 2nd. The company reported $0.62 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.62. MSG Networks had a negative return on equity of 24.41% and a net margin of 41.46%. The company had revenue of $164.46 million for the quarter, compared to analyst estimates of $162.59 million. During the same quarter last year, the company earned $0.54 earnings per share. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, research analysts expect that MSG Networks Inc will post 2.58 EPS for the current year.

A number of equities analysts have recently weighed in on the company. Zacks Investment Research lowered MSG Networks from a “buy” rating to a “sell” rating in a research note on Wednesday, October 24th. Imperial Capital increased their target price on MSG Networks to $32.00 and gave the stock an “outperform” rating in a research note on Friday, October 19th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “hold” rating and set a $23.00 target price on shares of MSG Networks in a research note on Friday, August 17th. Finally, ValuEngine lowered MSG Networks from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $27.33.

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.

See Also: Stock Split

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Institutional Ownership by Quarter for MSG Networks (NYSE:MSGN)

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