MSG Networks Inc. (NYSE:MSGN) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN decreased its position in MSG Networks Inc. (NYSE:MSGN) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 338,524 shares of the company’s stock after selling 6,007 shares during the quarter. Wells Fargo & Company MN owned 0.55% of MSG Networks worth $7,600,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MSGN. Russell Investments Group Ltd. lifted its stake in MSG Networks by 827.6% in the first quarter. Russell Investments Group Ltd. now owns 70,527 shares of the company’s stock valued at $1,646,000 after buying an additional 62,924 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of MSG Networks by 17.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 54,411 shares of the company’s stock valued at $1,270,000 after purchasing an additional 8,212 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of MSG Networks during the first quarter valued at about $1,665,000. Bank of New York Mellon Corp raised its stake in shares of MSG Networks by 5.2% during the first quarter. Bank of New York Mellon Corp now owns 399,052 shares of the company’s stock valued at $9,318,000 after purchasing an additional 19,685 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of MSG Networks by 61.9% during the first quarter. UBS Asset Management Americas Inc. now owns 24,274 shares of the company’s stock valued at $567,000 after purchasing an additional 9,282 shares in the last quarter. 76.95% of the stock is owned by institutional investors and hedge funds.

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Several brokerages have commented on MSGN. Zacks Investment Research cut MSG Networks from a “hold” rating to a “sell” rating in a research note on Saturday, July 15th. BidaskClub raised MSG Networks from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. ValuEngine cut MSG Networks from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Loop Capital upgraded MSG Networks from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Wednesday, October 11th. Finally, FBN Securities upgraded MSG Networks from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $24.86.

Shares of MSG Networks Inc. (NYSE:MSGN) opened at 20.75 on Tuesday. MSG Networks Inc. has a 52-week low of $18.25 and a 52-week high of $25.30. The stock’s 50 day moving average price is $21.04 and its 200-day moving average price is $22.04. The company has a market capitalization of $1.56 billion, a PE ratio of 9.36 and a beta of 0.76.

MSG Networks (NYSE:MSGN) last announced its quarterly earnings data on Wednesday, August 16th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.01. MSG Networks had a negative return on equity of 16.56% and a net margin of 24.78%. The firm had revenue of $162.90 million for the quarter, compared to analysts’ expectations of $161.91 million. During the same period last year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, analysts expect that MSG Networks Inc. will post $2.20 earnings per share for the current year.

About MSG Networks

MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports production, and content development and distribution. The Company owns and operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania.

Institutional Ownership by Quarter for MSG Networks (NYSE:MSGN)

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