MSG Networks (NYSE:MSGN) was downgraded by equities research analysts at Evercore ISI to an “underperform” rating in a research note issued on Wednesday, The Fly reports.

Several other research firms have also recently weighed in on MSGN. ValuEngine cut MSG Networks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Rosenblatt Securities set a $23.00 price objective on MSG Networks and gave the stock a “hold” rating in a report on Thursday, June 20th. Morgan Stanley dropped their price objective on MSG Networks from $20.00 to $17.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. Zacks Investment Research upgraded MSG Networks from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. cut MSG Networks from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $23.00 to $19.00 in a report on Friday, July 19th. Four analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $23.20.

NYSE MSGN traded down $1.66 on Wednesday, hitting $15.19. The company’s stock had a trading volume of 7,407 shares, compared to its average volume of 530,751. MSG Networks has a 52-week low of $16.34 and a 52-week high of $28.13. The company’s 50-day simple moving average is $19.17 and its 200 day simple moving average is $21.50. The firm has a market cap of $1.28 billion, a P/E ratio of 3.89, a PEG ratio of 2.09 and a beta of 0.72.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MSGN. Legal & General Group Plc lifted its stake in shares of MSG Networks by 8.7% in the fourth quarter. Legal & General Group Plc now owns 25,984 shares of the company’s stock worth $612,000 after acquiring an additional 2,075 shares during the period. Geode Capital Management LLC lifted its stake in shares of MSG Networks by 9.0% in the fourth quarter. Geode Capital Management LLC now owns 645,089 shares of the company’s stock worth $15,198,000 after acquiring an additional 53,079 shares during the period. Meeder Asset Management Inc. lifted its stake in shares of MSG Networks by 103.0% in the first quarter. Meeder Asset Management Inc. now owns 2,125 shares of the company’s stock worth $46,000 after acquiring an additional 1,078 shares during the period. Fairbanks Capital Management Inc. lifted its stake in shares of MSG Networks by 3.0% in the first quarter. Fairbanks Capital Management Inc. now owns 153,830 shares of the company’s stock worth $3,346,000 after acquiring an additional 4,464 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of MSG Networks by 193.3% in the first quarter. BNP Paribas Arbitrage SA now owns 14,781 shares of the company’s stock worth $321,000 after acquiring an additional 9,741 shares during the period. Institutional investors and hedge funds own 87.91% 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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Analyst Recommendations for MSG Networks (NYSE:MSGN)

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