Insider Selling: MSG Networks Inc (NYSE:MSGN) CEO Sells 51,667 Shares of Stock

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MSG Networks Inc (NYSE:MSGN) CEO Andrea Greenberg sold 51,667 shares of MSG Networks stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $16.11, for a total value of $832,355.37. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

MSGN opened at $15.58 on Friday. The firm has a market cap of $968.66 million, a PE ratio of 6.36 and a beta of 0.75. The business has a fifty day simple moving average of $16.23 and a 200-day simple moving average of $16.63. MSG Networks Inc has a fifty-two week low of $13.73 and a fifty-two week high of $24.84.

MSG Networks (NYSE:MSGN) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.06). The company had revenue of $187.73 million for the quarter, compared to the consensus estimate of $188.55 million. MSG Networks had a negative return on equity of 32.08% and a net margin of 25.06%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 earnings per share. On average, equities research analysts expect that MSG Networks Inc will post 2.68 EPS for the current fiscal year.

Several brokerages have recently issued reports on MSGN. Guggenheim cut MSG Networks from a “neutral” rating to a “sell” rating in a research report on Wednesday, November 27th. Rosenblatt Securities reiterated a “hold” rating and set a $17.00 price target on shares of MSG Networks in a research report on Wednesday, February 5th. ValuEngine upgraded MSG Networks from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Zacks Investment Research upgraded MSG Networks from a “sell” rating to a “hold” rating in a research report on Thursday, February 6th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $18.06.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MSGN. First Trust Advisors LP increased its position in MSG Networks by 62.3% during the first quarter. First Trust Advisors LP now owns 121,424 shares of the company’s stock worth $2,641,000 after buying an additional 46,620 shares during the period. Fox Run Management L.L.C. acquired a new position in MSG Networks during the third quarter worth approximately $301,000. Brinker Capital Inc. increased its position in MSG Networks by 15.5% during the third quarter. Brinker Capital Inc. now owns 47,514 shares of the company’s stock worth $771,000 after buying an additional 6,371 shares during the period. Alberta Investment Management Corp increased its position in MSG Networks by 20.9% during the third quarter. Alberta Investment Management Corp now owns 1,978,406 shares of the company’s stock worth $32,090,000 after buying an additional 341,350 shares during the period. Finally, Rhumbline Advisers increased its position in MSG Networks by 7.6% during the third quarter. Rhumbline Advisers now owns 101,797 shares of the company’s stock worth $1,651,000 after buying an additional 7,227 shares during the period. 82.37% of the stock is owned by institutional investors and hedge funds.

MSG Networks Company Profile

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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