Macquarie Cuts MSG Networks (NYSE:MSGN) Price Target to $16.50

MSG Networks (NYSE:MSGN) had its target price cut by Macquarie from $22.00 to $16.50 in a research note issued on Thursday, The Fly reports. The firm currently has a “neutral” rating on the stock. Macquarie’s target price suggests a potential upside of 13.32% from the stock’s previous close.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. lowered MSG Networks from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $23.00 to $19.00 in a report on Friday, July 19th. Morgan Stanley cut their price target on MSG Networks from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Thursday. Rosenblatt Securities set a $23.00 price target on MSG Networks and gave the stock a “hold” rating in a report on Thursday, June 20th. Zacks Investment Research upgraded MSG Networks from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Evercore ISI lowered MSG Networks from an “in-line” rating to an “underperform” rating in a report on Wednesday. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $19.79.

MSGN traded down $0.20 on Thursday, hitting $14.56. The company had a trading volume of 1,630,900 shares, compared to its average volume of 533,207. The company’s fifty day moving average price is $18.94 and its 200 day moving average price is $21.43. MSG Networks has a 1-year low of $14.37 and a 1-year high of $28.13. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 3.82, a price-to-earnings-growth ratio of 2.12 and a beta of 0.72.



MSG Networks (NYSE:MSGN) last posted its earnings results on Wednesday, August 21st. The company reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.07). MSG Networks had a negative return on equity of 32.61% and a net margin of 26.27%. The company had revenue of $168.36 million during the quarter, compared to analyst estimates of $170.87 million. During the same quarter last year, the firm posted $0.60 earnings per share. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts expect that MSG Networks will post 2.53 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of MSGN. Quadrant Capital Group LLC acquired a new stake in MSG Networks during the 1st quarter worth approximately $25,000. Resources Investment Advisors LLC. grew its position in MSG Networks by 99.4% in the 2nd quarter. Resources Investment Advisors LLC. now owns 2,006 shares of the company’s stock worth $42,000 after purchasing an additional 1,000 shares during the period. Meeder Asset Management Inc. grew its position in MSG Networks by 103.0% in the 1st quarter. Meeder Asset Management Inc. now owns 2,125 shares of the company’s stock worth $46,000 after purchasing an additional 1,078 shares during the period. Shine Investment Advisory Services Inc. grew its position in MSG Networks by 21.5% in the 2nd quarter. Shine Investment Advisory Services Inc. now owns 3,354 shares of the company’s stock worth $70,000 after purchasing an additional 594 shares during the period. Finally, Rockefeller Capital Management L.P. grew its position in MSG Networks by 196.8% in the 1st quarter. Rockefeller Capital Management L.P. now owns 6,901 shares of the company’s stock worth $151,000 after purchasing an additional 4,576 shares during the period. Institutional investors own 87.91% of the company’s stock.

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: Return on Equity (ROE)

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