Ariel Investments LLC recently announced the acquisition of new stake in MSG Networks Inc. (NYSE:MSGN). The institutional investor has increased its shareholding in the Communication Services company by 0.24% to 9.28 million shares with purchase of 22176.0 shares. This fresh investment now brings its stake to 21.51% valued currently at $88.41 million. In addition, ClearBridge Investments LLC raised its holdings by 2900.0 to 2.93 million shares.
With over 1.34 million MSG Networks Inc. (MSGN) shares trading Tuesday and a closing price of $9.58 on the day, the dollar volume was approximately $12.85 million. The shares have shown a negative weekly performance of -6.81% and its price on 09/01/20 lost nearly -1.64%. Currently, there are 57.11M common shares owned by the public and among those 40.91M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for MSGN have a consensus price objective of $10.60. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $8.00 should the stock experience a downside. Incidentally, analysts’ outlook for the MSG Networks Inc. stock is 3.40 for the next 12 months. The average price target is 24.63% above its last price level and an upside to the estimated low will see the stock lose -19.75% over that period. But an upside of 26.31% will see the stock hit the forecast high price target while mean target price for the stock is $11.00.
Insiders at the company have transacted a total of 36 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 184,085 shares. Insider sales of the common stock occurred on 24 occasions, with total insider shares sold totaling 297,248 shares.
The top 3 mutual fund holders in MSG Networks Inc. are Ariel Fund, ClearBridge Aggressive Growth Fun, and Contrarius ICAV – Global Equity F. Ariel Fund owns 4.34 million shares of the company’s stock, all valued at over $41.39 million. The company sold 33600.0 shares recently to bring their total holdings to about 10.07% of the shares outstanding. Contrarius ICAV – Global Equity F bought 1.79 million shares to bring its total holdings to over 1.79 million shares at a value of $17.09 million. Contrarius ICAV – Global Equity F now owns shares totaling to 4.16% of the shares outstanding.
Shares of MSG Networks Inc. (NYSE: MSGN) opened at $9.73, down -$0.01 from a prior closing price of $9.74. However, the script later closed the day at $9.58, down -1.64%. The company’s stock has a 5-day price change of -6.81% and -25.91% over the past three months. MSGN shares are trading -44.94% year to date (YTD), with the 12-month market performance down to -42.32% lower. It has a 12-month low price of $8.52 and touched a high of $18.54 over the same period. Currently, 1.34 million shares have been traded, compared to an average intraday trading volume of 511.45K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.19%, -5.78%, and -25.77% respectively.
Institutional ownership of MSG Networks Inc. (NYSE: MSGN) 57.11M shares outstanding. Mutual fund holders own 49.16%, while other institutional holders and individual stakeholders account for 67.75% and 4.35% respectively.
It has a market capitalization of $567.90M and a beta (3y monthly) value of 0.95. The stock’s trailing 12-month PE ratio is 3.23, while the earnings-per-share (ttm) stands at $2.97. The company has a PEG of 0.47 and a Quick Ratio of 4.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.55% over the week and 5.72% over the month.
Analysts forecast that MSG Networks Inc. (MSGN) will achieve an EPS of $0.64 for the current quarter, $0.56 for the next quarter and $2.45 for 2022. The lowest estimate earnings-per-share for the quarter is $0.6 while analysts give the company a high EPS estimate of $0.7. Comparatively, EPS for the current quarter was $0.57 a year ago. Earnings per share for the fiscal year are expected to increase by 18.60%, and -7.06% over the next financial year. EPS should grow at an annualized rate of 6.80% over the next five years, compared to -1.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate MSG Networks Inc. (MSGN) as a “Hold” at a consensus score of 3.40. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 3 of the 7 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the MSGN, a number of firms have released research notes about the stock. Guggenheim stated their Neutral rating for the stock in a research note on August 14, 2020, with the firm’s price target at $10. Wolfe Research coverage for the MSG Networks Inc. (MSGN) stock in a research note released on June 25, 2020 offered a Underperform rating with a price target of $8. Guggenheim was of a view on November 19, 2019 that the stock is Sell, while Imperial Capital gave the stock Outperform rating on August 22, 2019, issuing a price target of $32- $24. Evercore ISI on their part issued Underperform rating on August 21, 2019.