The Madison Square Garden Company (NYSE:MSG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, October 17th.
According to Zacks, “The Madison Square Garden Company is involved in the sports, entertainment and media industries. The company’s business segment consists of MSG Sports, MSG Media and MSG Entertainment. MSG Sports is involved in live sporting events. MSG Sports owns and operates sports franchises include the New York Knicks, the New York Rangers, the New York Liberty, the Westchester Knicks and the Hartford Wolf Pack. MSG Media is involved in production and content development for multiple distribution platforms. MSG Entertainment creates, produces and presents live productions, hosts live entertainment events. The Madison Square Garden Company is based in New York, United States. “
A number of other research analysts have also recently weighed in on MSG. Jefferies Group LLC lifted their price target on shares of The Madison Square Garden from $185.00 to $200.00 and gave the company a “hold” rating in a research report on Friday, August 18th. Morgan Stanley reissued an “overweight” rating and set a $245.00 target price (up from $215.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Finally, BTIG Research set a $260.00 target price on shares of The Madison Square Garden and gave the stock a “buy” rating in a research report on Monday, September 11th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $211.50.
The Madison Square Garden (MSG) opened at 216.24 on Tuesday. The firm’s 50 day moving average is $215.78 and its 200 day moving average is $206.53. The company’s market cap is $5.09 billion. The Madison Square Garden has a 12-month low of $161.02 and a 12-month high of $226.95.
The Madison Square Garden (NYSE:MSG) last announced its quarterly earnings results on Thursday, August 17th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.10) by ($2.48). The business had revenue of $305.60 million for the quarter, compared to analyst estimates of $279.19 million. The Madison Square Garden had a negative net margin of 5.52% and a negative return on equity of 2.43%. The company’s quarterly revenue was up 40.3% on a year-over-year basis. During the same period last year, the firm earned ($2.39) earnings per share. Equities research analysts anticipate that The Madison Square Garden will post $0.58 EPS for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in The Madison Square Garden by 8.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock valued at $140,000 after purchasing an additional 58 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in The Madison Square Garden by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock valued at $148,000 after purchasing an additional 40 shares during the last quarter. Maverick Capital Ltd. bought a new stake in The Madison Square Garden during the second quarter valued at $176,000. CGOV Asset Management bought a new stake in The Madison Square Garden during the first quarter valued at $266,000. Finally, CAPROCK Group Inc. bought a new position in shares of The Madison Square Garden during the third quarter worth about $221,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.
About The Madison Square Garden
The Madison Square Garden Company is a holding company, which is engaged in live experiences consisting of celebrated venues, sports teams, and entertainment productions. The Company operates in two segments, which include MSG Entertainment and MSG Sports. The MSG Sports segment includes the Company’s professional sports franchises, which include the New York Knicks (the Knicks) of the National Basketball Association (the NBA), the New York Rangers (the Rangers) of the National Hockey League (the NHL), the New York Liberty (the Liberty) of the Women’s National Basketball Association (the WNBA), the Hartford Wolf Pack of the American Hockey League (the AHL), which is the primary player development team for the Rangers, and the Westchester Knicks, an NBA Development League team.
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