Zacks Investment Research Lowers The Madison Square Garden Co. (MSG) to Hold
The Madison Square Garden Co. (NYSE:MSG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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. “
MSG has been the topic of several other reports. Loop Capital reaffirmed a “buy” rating and issued a $217.00 price objective on shares of The Madison Square Garden in a research note on Tuesday, August 16th. Jefferies Group lowered The Madison Square Garden from a “buy” rating to a “hold” rating and set a $185.00 price objective on the stock. in a research note on Monday, August 22nd. They noted that the move was a valuation call. Albert Fried & Company reduced their price objective on The Madison Square Garden from $170.00 to $150.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 28th. Finally, Stifel Nicolaus lifted their price target on The Madison Square Garden from $190.00 to $210.00 and gave the company a “buy” rating in a research note on Monday, August 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $159.86.
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Shares of The Madison Square Garden (NYSE:MSG) opened at 161.42 on Tuesday. The company’s market capitalization is $3.89 billion. The stock has a 50 day moving average price of $172.55 and a 200-day moving average price of $171.12. The Madison Square Garden has a 52 week low of $139.10 and a 52 week high of $188.80.
The Madison Square Garden (NYSE:MSG) last released its quarterly earnings data on Friday, August 19th. The company reported ($2.39) earnings per share for the quarter, missing the consensus estimate of ($1.00) by $1.39. The business earned $217.80 million during the quarter. The Madison Square Garden had a negative net margin of 6.93% and a negative return on equity of 4.58%. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 earnings per share. Equities research analysts expect 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 stock in a transaction on Monday, September 12th. The stock was acquired at an average cost of $182.96 per share, for a total transaction of $2,918,943.84. Following the completion of the acquisition, the insider now owns 1,568 shares in the company, valued at approximately $286,881.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 19.61% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Point72 Asia Hong Kong Ltd acquired a new stake in shares of The Madison Square Garden during the second quarter worth $104,000. Seven Eight Capital LLC increased its stake 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 increased its stake 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 acquired a new stake in shares of The Madison Square Garden during the second quarter worth $177,000. Finally, Advisor Group Inc. acquired a new stake in shares of The Madison Square Garden during the second quarter worth $206,000. Institutional investors and hedge funds own 88.44% of the company’s stock.
The Madison Square Garden Company Profile
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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