Investors Buy High Volume of Put Options on Madison Square Garden (MSG)

Madison Square Garden Co (NYSE:MSG) was the target of unusually large options trading activity on Tuesday. Traders bought 698 put options on the company. This is an increase of 1,103% compared to the typical daily volume of 58 put options.

Shares of Madison Square Garden (NYSE MSG) traded up $9.93 during trading hours on Wednesday, hitting $219.96. 421,709 shares of the company were exchanged, compared to its average volume of 205,197. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $4,916.87, a price-to-earnings ratio of 69.39 and a beta of 0.99. Madison Square Garden has a fifty-two week low of $173.56 and a fifty-two week high of $231.44.

Madison Square Garden (NYSE:MSG) last issued its quarterly earnings results on Friday, February 2nd. The company reported $3.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.32. The business had revenue of $536.30 million during the quarter, compared to analyst estimates of $523.45 million. Madison Square Garden had a net margin of 5.21% and a negative return on equity of 1.00%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.39 earnings per share. analysts forecast that Madison Square Garden will post 0.75 earnings per share for the current fiscal year.

A number of research analysts have recently commented on MSG shares. Morgan Stanley cut shares of Madison Square Garden from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $218.50 to $245.00 in a research report on Tuesday, December 5th. Zacks Investment Research cut shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. ValuEngine lowered shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Loop Capital lifted their price target on shares of Madison Square Garden from $266.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. Finally, Jefferies Group restated a “hold” rating and issued a $200.00 price target on shares of Madison Square Garden in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Madison Square Garden has a consensus rating of “Hold” and a consensus price target of $223.63.

Several large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its stake in shares of Madison Square Garden by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock worth $148,000 after buying an additional 40 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in Madison Square Garden by 13.0% during the second quarter. Dynamic Technology Lab Private Ltd now owns 2,081 shares of the company’s stock valued at $410,000 after purchasing an additional 240 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its stake in Madison Square Garden by 78.9% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 592 shares of the company’s stock valued at $127,000 after purchasing an additional 261 shares during the last quarter. Pacer Advisors Inc. increased its stake in Madison Square Garden by 11.4% during the third quarter. Pacer Advisors Inc. now owns 3,181 shares of the company’s stock valued at $681,000 after purchasing an additional 325 shares during the last quarter. Finally, Boothbay Fund Management LLC increased its stake in Madison Square Garden by 15.6% during the third quarter. Boothbay Fund Management LLC now owns 2,421 shares of the company’s stock valued at $518,000 after purchasing an additional 326 shares during the last quarter. Institutional investors and hedge funds own 69.05% of the company’s stock.

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About 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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