MSG Networks (NYSE:MSGN) Price Target Cut to $15.00 by Analysts at Guggenheim

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MSG Networks (NYSE:MSGN) had its target price reduced by investment analysts at Guggenheim from $24.00 to $15.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage currently has a “neutral” rating on the stock. Guggenheim’s target price suggests a potential upside of 3.02% from the company’s previous close.

Several other equities research analysts have also recently commented on MSGN. Evercore ISI cut MSG Networks from an “in-line” rating to an “underperform” rating in a research note on Wednesday. Morgan Stanley lowered their price target on MSG Networks from $17.00 to $16.00 and set an “underweight” rating for the company in a research note on Thursday. ValuEngine lowered MSG Networks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. lowered MSG Networks from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $23.00 to $19.00 in a report on Friday, July 19th. Finally, Macquarie reduced their target price on MSG Networks from $22.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. MSG Networks has an average rating of “Hold” and a consensus price target of $19.79.

NYSE:MSGN traded down $0.20 on Thursday, hitting $14.56. 1,630,900 shares of the company’s stock traded hands, compared to its average volume of 533,207. MSG Networks has a 1 year low of $14.37 and a 1 year high of $28.13. The firm has a 50-day moving average price of $18.94 and a 200-day moving average price of $21.43. The company has a market cap of $1.31 billion, a PE ratio of 3.82, a price-to-earnings-growth ratio of 2.12 and a beta of 0.72.

MSG Networks (NYSE:MSGN) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.07). The firm had revenue of $168.36 million during the quarter, compared to the consensus estimate of $170.87 million. MSG Networks had a net margin of 26.27% and a negative return on equity of 32.61%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. Analysts predict 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. Walleye Trading Advisors LLC bought a new position in MSG Networks in the second quarter valued at approximately $224,000. Walleye Trading LLC grew its holdings in shares of MSG Networks by 752.4% in the second quarter. Walleye Trading LLC now owns 22,728 shares of the company’s stock valued at $471,000 after acquiring an additional 26,212 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of MSG Networks in the second quarter valued at approximately $17,063,000. D. E. Shaw & Co. Inc. grew its holdings in shares of MSG Networks by 51.2% in the second quarter. D. E. Shaw & Co. Inc. now owns 54,970 shares of the company’s stock valued at $1,140,000 after acquiring an additional 18,617 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of MSG Networks in the second quarter valued at approximately $390,000. 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.

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