Msg Networks Inc. (MSGN): Billionaire Steve Cohen’s Point72 Makes Big Purchase

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Billionaire Steve Cohen‘s Point72 Asset Management recently filed a Form 13G with the Securities and Exchange Commission in which it reported a significant increase to its stake in Msg Networks Inc. (NYSE:MSGN), to 3.15 million Class A common shares, which amass 5.1% of the company’s outstanding stock. Previously, the family office’s stake consisted of only 274,000 Class A shares, according to its 13F filing for the reporting period of June 30.

MSG Network, formerly the Madison Square Garden Company, is a sports and entertainment company that runs two main businesses – MSG Sports and MSG Entertainment. Over the past 12 months, the company’s stock has lost 74.15%. Recently, the company reported its financial results for the fourth quarter of its fiscal year 2016, disclosing basic earnings per share from continuing operations of $0.58 and revenue of $160.52 million, compared to EPS from continuing operations of $0.57 and revenue of $153.16 million for the same quarter of the previous fiscal year. There has been a great deal of analyst ratings activity on MSG Networks’ stock recently; Jefferies Group reiterated its ‘Hold’ rating on it, JPMorgan Chase & Co reiterated its ‘Hold’ rating as well, with a price target of $19, and Loop Capital initiated coverage on the stock with a ‘Hold’ rating as well.


According to Insider Monkey’s database, the number of hedge funds long Msg Networks (NYSE:MSGN) didn’t change during the second quarter, as there were 31 investors with positions in the company on June 30, same as on March 31. Those smart money managers included John W. Rogers’ Ariel Investments, with a position worth around $91.72 million, Mario Gabelli’s GAMCO Investors, with $38.52 million invested in the company, Mehdi Mahmud’s First Eagle Investment Management, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

There were some new investors in the stock, such as Jim Simons’ Renaissance Technologies, which initiated a position worth almost $4 million, and Matthew Tewksbury’s Stevens Capital Management, which had $275,000 invested in the company at the end of June. There were also investors who dumped Msg Networks (NYSE:MSGN) during the quarter, including Mike Vranos’ Ellington, which said goodbye to a position worth $550,000 on March 31, Benjamin A. Smith’s Laurion Capital Management, and Dmitry Balyasny’s Balyasny Asset Management.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Point7 0 1,124,720 0 1,124,720 1,124,720 1.8%
Point7 0 1,124,720 0 1,124,720 1,124,720 1.8%
Cubist Systematic Strategies 0 117,625 0 117,625 117,625 0.2%
EverPoint Asset Management 0 1,909,947 0 1,909,947 1,909,947 3.1%
Steven A. Cohen 0 3,152,292 0 3,152,292 3,152,292 5.1%

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Page 1 of 11 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. )*


(Name of Issuer)

Class A Common Stock, Par Value $0.01 Per Share

(Title of Class of Securities)
(CUSIP Number)
August 22, 2016
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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