MSG Networks (NYSE:MSGN) Rating Lowered to Underweight at JPMorgan Chase & Co.

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JPMorgan Chase & Co. cut shares of MSG Networks (NYSE:MSGN) from a neutral rating to an underweight rating in a research report sent to investors on Friday, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has $19.00 price target on the stock, down from their previous price target of $23.00.

Several other equities research analysts have also recently issued reports on MSGN. ValuEngine cut shares of Yirendai from a sell rating to a strong sell rating in a report on Wednesday, June 26th. Rosenblatt Securities set a $23.00 target price on shares of MSG Networks and gave the stock a hold rating in a report on Thursday, June 20th. Zacks Investment Research upgraded shares of DLH from a sell rating to a hold rating in a report on Tuesday, July 9th. Finally, Morgan Stanley set a $226.00 target price on shares of S&P Global and gave the stock a hold rating in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $23.67.

Shares of MSGN stock opened at $18.94 on Friday. MSG Networks has a 12-month low of $18.77 and a 12-month high of $28.13. The stock has a 50 day moving average of $20.78. The stock has a market capitalization of $1.43 billion, a PE ratio of 4.97, a P/E/G ratio of 2.29 and a beta of 0.74.

MSG Networks (NYSE:MSGN) last issued its earnings results on Thursday, May 2nd. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.05. MSG Networks had a net margin of 26.27% and a negative return on equity of 32.61%. The company had revenue of $195.10 million for the quarter, compared to analysts’ expectations of $192.03 million. During the same quarter last year, the company posted $0.62 earnings per share. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. Equities research analysts expect that MSG Networks will post 2.53 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of MSG Networks by 3.7% during the 2nd quarter. Bessemer Group Inc. now owns 70,500 shares of the company’s stock worth $1,462,000 after purchasing an additional 2,500 shares during the period. Selz Capital LLC purchased a new position in shares of MSG Networks during the 2nd quarter worth about $12,263,000. First Hawaiian Bank boosted its stake in shares of MSG Networks by 15.9% during the 2nd quarter. First Hawaiian Bank now owns 18,403 shares of the company’s stock worth $382,000 after purchasing an additional 2,523 shares during the period. Denali Advisors LLC boosted its stake in shares of MSG Networks by 232.0% during the 2nd quarter. Denali Advisors LLC now owns 39,100 shares of the company’s stock worth $811,000 after purchasing an additional 27,322 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of MSG Networks by 62.3% during the 1st quarter. First Trust Advisors LP now owns 121,424 shares of the company’s stock worth $2,641,000 after purchasing an additional 46,620 shares during the period. Institutional investors and hedge funds own 87.32% 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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