The Madison Square Garden Company (NYSE:MSG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
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 firms also recently weighed in on MSG. Jefferies Group LLC reissued a “hold” rating and issued a $200.00 price target on shares of The Madison Square Garden in a research note on Tuesday, October 24th. Morgan Stanley restated an “overweight” rating and issued a $245.00 price objective (up previously from $215.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Loop Capital upped their price objective on shares of The Madison Square Garden from $266.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, November 6th. Finally, BTIG Research restated a “buy” rating and issued a $260.00 price objective (up previously from $240.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The Madison Square Garden presently has a consensus rating of “Buy” and an average target price of $217.78.
The Madison Square Garden (MSG) traded down $0.06 during mid-day trading on Thursday, hitting $229.63. The stock had a trading volume of 96,000 shares, compared to its average volume of 170,255. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.90 and a current ratio of 1.92. The Madison Square Garden has a one year low of $166.86 and a one year high of $231.44.
The Madison Square Garden (NYSE:MSG) last posted its quarterly earnings results on Friday, November 3rd. The company reported ($0.47) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.18. The company had revenue of $245.04 million for the quarter, compared to the consensus estimate of $237.06 million. The Madison Square Garden had a negative return on equity of 1.75% and a negative net margin of 4.00%. The firm’s quarterly revenue was up 34.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.19) EPS. analysts expect that The Madison Square Garden will post 0.66 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in MSG. BlackRock Inc. increased its holdings in The Madison Square Garden by 13,915.4% during the 1st quarter. BlackRock Inc. now owns 767,202 shares of the company’s stock worth $153,216,000 after purchasing an additional 761,728 shares in the last quarter. Janus Henderson Group PLC bought a new position in The Madison Square Garden during the 2nd quarter worth about $75,632,000. Los Angeles Capital Management & Equity Research Inc. increased its holdings in The Madison Square Garden by 1,731.6% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 146,583 shares of the company’s stock worth $28,862,000 after purchasing an additional 138,580 shares in the last quarter. Renaissance Technologies LLC increased its holdings in The Madison Square Garden by 100.0% during the 2nd quarter. Renaissance Technologies LLC now owns 227,800 shares of the company’s stock worth $44,854,000 after purchasing an additional 113,900 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in The Madison Square Garden by 59.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 195,035 shares of the company’s stock worth $41,756,000 after purchasing an additional 72,559 shares in the last quarter. Hedge funds and other institutional investors own 70.96% 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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