MSG Networks Inc. (MSGN) Lifted to Overweight at Albert Fried & Company

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MSG Networks Inc. (NYSE:MSGN) was upgraded by equities research analysts at Albert Fried & Company from a “market perform” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday.
MSG Networks (NYSE:MSGN) traded down 0.29% during midday trading on Tuesday, reaching $17.43. The company’s stock had a trading volume of 172,610 shares. The stock’s 50-day moving average price is $16.64 and its 200 day moving average price is $16.73. The firm has a market capitalization of $1.31 billion and a PE ratio of 176.06. MSG Networks has a 1-year low of $14.73 and a 1-year high of $23.82.
MSG Networks (NYSE:MSGN) last posted its earnings results on Thursday, August 18th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.08. The business had revenue of $160.50 million for the quarter, compared to analyst estimates of $159.84 million. MSG Networks’s revenue for the quarter was up 4.8% compared to the same quarter last year. Equities analysts anticipate that MSG Networks will post $2.08 EPS for the current fiscal year.

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A number of hedge funds have made changes to their positions in MSGN. BlackRock Inc. increased its stake in shares of MSG Networks by 314.8% in the first quarter. BlackRock Inc. now owns 7,325 shares of the company’s stock worth $127,000 after buying an additional 5,559 shares during the period. Bank of Montreal Can acquired a new stake in shares of MSG Networks during the second quarter worth about $140,000. Balasa Dinverno & Foltz LLC acquired a new stake in shares of MSG Networks during the second quarter worth about $252,000. Nisa Investment Advisors L.L.C. increased its stake in shares of MSG Networks by 8.7% in the first quarter. Nisa Investment Advisors L.L.C. now owns 14,925 shares of the company’s stock worth $258,000 after buying an additional 1,200 shares during the period. Finally, Pacad Investment Ltd. acquired a new stake in shares of MSG Networks during the first quarter worth about $288,000.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research raised MSG Networks from a “hold” rating to a “strong-buy” rating and set a $19.00 target price for the company in a research note on Wednesday, July 27th. FBN Securities assumed coverage on MSG Networks in a research note on Thursday, May 12th. They issued a “sector perform” rating and a $19.69 price objective for the company. Jefferies Group dropped their price objective on MSG Networks from $20.00 to $18.00 and set a “hold” rating for the company in a research note on Monday, July 11th. Loop Capital assumed coverage on MSG Networks in a research note on Tuesday, August 9th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and issued a $19.00 price objective on shares of MSG Networks in a research note on Friday, August 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. MSG Networks presently has a consensus rating of “Hold” and an average target price of $21.56.
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports, entertainment and media business. The Company’s businesses include MSG Sports and MSG Entertainment. MSG Sports business includes sports business, which owns and operates the sports franchises, such as the New York Knicks (the Knicks) of the National Basketball Association (the NBA) and the New York Rangers (the Rangers) of the National Hockey League (the NHL).

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