The Madison Square Garden Co. (MSG) Downgraded to Sell at Zacks Investment Research
The Madison Square Garden Co. (NYSE:MSG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
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. “
Several other brokerages also recently weighed in on MSG. Loop Capital reiterated a “buy” rating and issued a $217.00 price target on shares of The Madison Square Garden in a report on Tuesday, August 16th. Jefferies Group downgraded shares of The Madison Square Garden from a “buy” rating to a “hold” rating and set a $185.00 price target on the stock. in a report on Monday, August 22nd. They noted that the move was a valuation call. Stifel Nicolaus increased their price target on shares of The Madison Square Garden from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Monday, August 22nd. Finally, Albert Fried & Company cut their price target on shares of The Madison Square Garden from $170.00 to $150.00 and set a “market perform” rating on the stock in a report on Wednesday, September 28th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $159.75.
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Shares of The Madison Square Garden (NYSE:MSG) opened at 168.55 on Wednesday. The stock’s market cap is $4.06 billion. The stock’s 50 day moving average is $174.28 and its 200-day moving average is $171.14. The Madison Square Garden has a one year low of $139.10 and a one year high of $188.80.
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 Thomson Reuters’ consensus estimate of ($1.00) by $1.39. The Madison Square Garden had a negative return on equity of 4.58% and a negative net margin of 6.93%. The business earned $217.80 million during the quarter. During the same quarter in the previous year, the business posted $0.60 EPS. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. On average, equities analysts forecast that The Madison Square Garden will post ($0.38) EPS for the current year.
In other The Madison Square Garden news, insider Kathleen Margaret Dolan bought 15,954 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were purchased at an average price of $182.96 per share, for a total transaction of $2,918,943.84. Following the transaction, the insider now directly owns 1,568 shares of the company’s stock, valued at approximately $286,881.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 19.61% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in MSG. Point72 Asia Hong Kong Ltd purchased a new position in shares of The Madison Square Garden during the second quarter worth $104,000. Seven Eight Capital LLC raised 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 last quarter. Citizens Financial Group Inc RI raised 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 last quarter. State of Alaska Department of Revenue purchased a new position in shares of The Madison Square Garden during the second quarter worth $177,000. Finally, Advisor Group Inc. purchased a new position in shares of The Madison Square Garden during the second quarter worth $206,000. Institutional investors own 88.44% of the company’s stock.
About The Madison Square Garden
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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