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
(Amendment No. )*
MSG NETWORKS INC.
Class A Common Stock, Par Value $0.01 Per Share
| ☐ | Rule 13d-1(b) | |
| ☒ | Rule 13d-1(c) | |
| ☐ | Rule 13d-1(d) |
