MSG Networks (NYSE:MSGN) Trading Down 1.6% Following Analyst Downgrade

Shares of MSG Networks Inc (NYSE:MSGN) traded down 1.6% during trading on Thursday after Morgan Stanley lowered their price target on the stock from $20.00 to $17.00. Morgan Stanley currently has an underweight rating on the stock. MSG Networks traded as low as $17.15 and last traded at $16.95, 22,869 shares were traded during trading. A decline of 95% from the average session volume of 480,087 shares. The stock had previously closed at $17.23.

MSGN has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of MSG Networks from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Rosenblatt Securities set a $23.00 target price on shares of MSG Networks and gave the company a “hold” rating in a report on Thursday, June 20th. JPMorgan Chase & Co. cut shares of MSG Networks from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $23.00 to $19.00 in a report on Friday, July 19th. Finally, ValuEngine cut shares of MSG Networks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. MSG Networks currently has a consensus rating of “Hold” and a consensus target price of $23.17.

Large investors have recently modified their holdings of the business. Quadrant Capital Group LLC purchased a new position in MSG Networks in the 1st quarter worth about $25,000. Resources Investment Advisors LLC. grew its stake in shares of MSG Networks by 99.4% during the 2nd quarter. Resources Investment Advisors LLC. now owns 2,006 shares of the company’s stock valued at $42,000 after purchasing an additional 1,000 shares during the period. Meeder Asset Management Inc. grew its stake in shares of MSG Networks by 103.0% during the 1st quarter. Meeder Asset Management Inc. now owns 2,125 shares of the company’s stock valued at $46,000 after purchasing an additional 1,078 shares during the period. Shine Investment Advisory Services Inc. grew its stake in shares of MSG Networks by 21.5% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 3,354 shares of the company’s stock valued at $70,000 after purchasing an additional 594 shares during the period. Finally, Rockefeller Capital Management L.P. grew its stake in shares of MSG Networks by 196.8% during the 1st quarter. Rockefeller Capital Management L.P. now owns 6,901 shares of the company’s stock valued at $151,000 after purchasing an additional 4,576 shares during the period. 86.92% of the stock is owned by institutional investors and hedge funds.

The stock has a 50 day simple moving average of $19.49 and a 200-day simple moving average of $21.62. The firm has a market capitalization of $1.36 billion, a P/E ratio of 4.44, a P/E/G ratio of 2.19 and a beta of 0.72.

MSG Networks Company Profile (NYSE:MSGN)

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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