MSG Networks (MSGN) Rating Increased to Buy at Zacks Investment Research

MSG Networks (NYSE:MSGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $29.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.84% from the company’s previous close.

According to Zacks, “MSG Networks Inc. is engaged in production and content development which comprised of sports and entertainment networks, MSG Network and MSG+ as well as MSGNetworks.com and MSG GO. MSG Networks Inc., formerly known as Madison Square Garden Company, is based in New York. “

A number of other research analysts have also recently commented on the company. Imperial Capital started coverage on MSG Networks in a report on Tuesday, August 21st. They issued an “outperform” rating and a $29.00 price target on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $23.00 price target on shares of MSG Networks in a report on Friday, August 17th. Finally, ValuEngine raised MSG Networks from a “strong sell” rating to a “sell” rating in a report on Thursday, July 19th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $27.33.

NYSE MSGN opened at $25.93 on Wednesday. The company has a debt-to-equity ratio of -1.70, a quick ratio of 3.04 and a current ratio of 3.04. MSG Networks has a 12 month low of $16.15 and a 12 month high of $27.50. The company has a market capitalization of $1.98 billion, a P/E ratio of 6.81, a price-to-earnings-growth ratio of 1.23 and a beta of 0.78.

MSG Networks (NYSE:MSGN) last posted its quarterly earnings results on Wednesday, August 15th. The company reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. MSG Networks had a negative return on equity of 24.41% and a net margin of 41.46%. The company had revenue of $171.40 million for the quarter, compared to analysts’ expectations of $166.01 million. During the same period in the previous year, the firm earned $0.52 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts forecast that MSG Networks will post 2.58 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in MSGN. Mount Yale Investment Advisors LLC bought a new stake in MSG Networks in the 1st quarter worth approximately $120,000. Atlantic Trust Group LLC bought a new stake in MSG Networks in the 1st quarter worth approximately $136,000. Canandaigua National Bank & Trust Co. bought a new stake in MSG Networks in the 2nd quarter worth approximately $216,000. Principal Financial Group Inc. bought a new stake in MSG Networks in the 1st quarter worth approximately $218,000. Finally, Hartford Investment Management Co. bought a new stake in MSG Networks in the 2nd quarter worth approximately $228,000. 83.99% of the stock is currently owned by institutional investors and hedge funds.

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.

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