Research Analysts Set Expectations for The Madison Square Garden Co.’s Q1 2017 Earnings (MSG)
The Madison Square Garden Co. (NYSE:MSG) – Research analysts at Jefferies Group raised their Q1 2017 earnings estimates for shares of The Madison Square Garden in a note issued to investors on Monday. Jefferies Group analyst J. Janedis now expects that the brokerage will post earnings per share of ($1.01) for the quarter, up from their prior estimate of ($1.14). Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for The Madison Square Garden’s Q2 2017 earnings at $1.31 EPS, Q3 2017 earnings at ($0.19) EPS, Q4 2017 earnings at ($0.64) EPS, FY2017 earnings at ($0.52) EPS and FY2018 earnings at ($0.59) EPS.
The Madison Square Garden (NYSE:MSG) last issued its quarterly earnings results on Friday, August 19th. The company reported ($2.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.00) by $1.39. The Madison Square Garden had a negative net margin of 6.93% and a negative return on equity of 4.58%. The business earned $217.80 million during the quarter. During the same period last year, the firm earned $0.60 earnings per share. The company’s revenue was down 14.6% compared to the same quarter last year.
Several other research analysts have also issued reports on MSG. Loop Capital reiterated a “buy” rating and set a $217.00 price objective on shares of The Madison Square Garden in a research note on Saturday, September 3rd. Stifel Nicolaus increased their price objective on The Madison Square Garden from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, August 22nd. Zacks Investment Research upgraded The Madison Square Garden from a “sell” rating to a “hold” rating in a research note on Wednesday, July 27th. Finally, Albert Fried & Company dropped their price objective on The Madison Square Garden from $170.00 to $150.00 and set a “market perform” rating for the company in a research note on Wednesday, September 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The Madison Square Garden presently has an average rating of “Hold” and an average price target of $159.75.
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Shares of The Madison Square Garden (NYSE:MSG) traded up 0.11% during midday trading on Wednesday, reaching $168.73. 24,748 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $174.28 and a 200-day moving average of $171.14. The Madison Square Garden has a 1-year low of $139.10 and a 1-year high of $188.80. The company’s market capitalization is $4.06 billion.
A number of institutional investors have recently bought and sold shares of MSG. Point72 Asia Hong Kong Ltd purchased a new position in The Madison Square Garden during the second quarter valued at about $104,000. Seven Eight Capital LLC boosted its position in shares of The Madison Square Garden by 44.7% in the first quarter. Seven Eight Capital LLC now owns 647 shares of the company’s stock worth $108,000 after buying an additional 200 shares during the period. Citizens Financial Group Inc RI boosted its position in shares of The Madison Square Garden by 1.7% in the first quarter. Citizens Financial Group Inc RI now owns 938 shares of the company’s stock worth $156,000 after buying an additional 16 shares during the period. State of Alaska Department of Revenue bought a new position in shares of The Madison Square Garden during the second quarter worth about $177,000. Finally, Advisor Group Inc. bought a new position in shares of The Madison Square Garden during the second quarter worth about $206,000. Institutional investors and hedge funds own 88.44% of the company’s stock.
In other news, insider Kathleen Margaret Dolan purchased 15,954 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were acquired at an average price of $182.96 per share, for a total transaction of $2,918,943.84. Following the completion of the acquisition, the insider now directly owns 1,568 shares in the company, valued at $286,881.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 19.61% of the stock is owned by corporate insiders.
The Madison Square Garden Company Profile
The Madison Square Garden Company, formerly MSG Spinco, Inc, is engaged in sports and entertainment business. The Company operates through two segments: MSG Sports and MSG Entertainment. MSG Sports segment includes sports business, which owns and operates the sports franchises, such as the New York Knicks (the Knicks) of the National Basketball Association (the NBA) and the New York Rangers (the Rangers) of the National Hockey League (the NHL).
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