California Public Employees Retirement System lowered its position in MSG Networks Inc. (NYSE:MSGN) by 12.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 142,500 shares of the company’s stock after selling 20,666 shares during the period. California Public Employees Retirement System owned 0.19% of MSG Networks worth $2,186,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in MSG Networks by 58.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,001,681 shares of the company’s stock valued at $17,319,000 after buying an additional 367,803 shares during the last quarter. Quadrature Capital Ltd bought a new stake in MSG Networks during the first quarter valued at about $964,000. UBS Group AG boosted its stake in MSG Networks by 42.9% in the first quarter. UBS Group AG now owns 47,266 shares of the company’s stock valued at $818,000 after buying an additional 14,194 shares during the last quarter. Spark Investment Management LLC bought a new stake in MSG Networks during the first quarter valued at about $3,876,000. Finally, JPMorgan Chase & Co. boosted its stake in MSG Networks by 91.3% in the first quarter. JPMorgan Chase & Co. now owns 265,132 shares of the company’s stock valued at $4,584,000 after buying an additional 126,519 shares during the last quarter. Institutional investors own 79.04% of the company’s stock.
Shares of MSG Networks Inc. (NYSE:MSGN) traded down 0.32% during mid-day trading on Tuesday, hitting $18.75. 194,763 shares of the stock were exchanged. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 189.39 and a beta of 0.83. The company has a 50-day moving average price of $17.93 and a 200-day moving average price of $16.91. MSG Networks Inc. has a 12 month low of $14.73 and a 12 month high of $21.72.
MSG Networks (NYSE:MSGN) last announced its earnings results on Thursday, August 18th. The company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.08. The business earned $160.50 million during the quarter, compared to the consensus estimate of $159.84 million. MSG Networks had a negative return on equity of 13.76% and a net margin of 1.16%. MSG Networks’s revenue was up 4.8% on a year-over-year basis. Equities analysts expect that MSG Networks Inc. will post $2.10 earnings per share for the current year.
Several research firms have recently issued reports on MSGN. Jefferies Group reiterated a “hold” rating on shares of MSG Networks in a research report on Monday, August 22nd. JPMorgan Chase & Co. reissued a “hold” rating and issued a $19.00 target price on shares of MSG Networks in a report on Friday, August 19th. Albert Fried & Company raised shares of MSG Networks from a “market perform” rating to an “overweight” rating and set a $28.00 target price for the company in a report on Tuesday, September 6th. Zacks Investment Research lowered shares of MSG Networks from a “buy” rating to a “hold” rating in a report on Wednesday, August 17th. Finally, Loop Capital assumed coverage on shares of MSG Networks in a report on Tuesday, August 9th. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. MSG Networks has an average rating of “Hold” and a consensus target price of $21.56.
In other news, insider Kathleen Margaret Dolan acquired 47,864 shares of MSG Networks stock in a transaction that occurred on Monday, September 12th. The stock was purchased at an average cost of $16.80 per share, with a total value of $804,115.20. Following the purchase, the insider now owns 4,705 shares in the company, valued at $79,044. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 19.60% of the company’s stock.
MSG Networks Company Profile
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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