The Madison Square Garden Co. (MSG) Research Coverage Started at TheStreet
Investment analysts at TheStreet started coverage on shares of The Madison Square Garden Co. (NYSE:MSG) in a research note issued to investors on Wednesday. The brokerage set a “hold” rating on the stock.
MSG has been the topic of a number of other research reports. Stifel Nicolaus lifted their price objective on The Madison Square Garden from $190.00 to $210.00 and gave the company a “buy” rating in a report on Monday, August 22nd. Jefferies Group reissued a “hold” rating on shares of The Madison Square Garden in a research note on Monday, September 12th. Albert Fried & Company decreased their price target 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. Zacks Investment Research lowered The Madison Square Garden from a “hold” rating to a “sell” rating in a research note on Wednesday, October 12th. Finally, Loop Capital reissued a “buy” rating and set a $217.00 price target on shares of The Madison Square Garden in a research note on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $159.86.
Shares of The Madison Square Garden (NYSE:MSG) traded up 0.72% during trading on Wednesday, hitting $165.83. The stock had a trading volume of 45,970 shares. The Madison Square Garden has a 52-week low of $139.10 and a 52-week high of $188.80. The firm’s 50-day moving average is $172.10 and its 200 day moving average is $171.12. The firm’s market cap is $3.99 billion.
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The Madison Square Garden (NYSE:MSG) last announced its quarterly earnings data 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 quarter in the previous year, the company earned $0.60 earnings per share. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, analysts expect that The Madison Square Garden will post ($0.38) EPS for the current year.
In other news, insider Kathleen Margaret Dolan acquired 15,954 shares of the company’s stock in a transaction dated 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 acquisition, the insider now directly owns 1,568 shares in the company, valued at approximately $286,881.28. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 19.61% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in shares of The Madison Square Garden by 10.4% in the first quarter. Lazard Asset Management LLC now owns 2,023,671 shares of the company’s stock worth $336,656,000 after buying an additional 190,711 shares during the period. Gamco Investors INC. ET AL boosted its position in The Madison Square Garden by 0.5% in the second quarter. Gamco Investors INC. ET AL now owns 930,735 shares of the company’s stock worth $160,561,000 after buying an additional 5,007 shares during the last quarter. Gabelli Funds LLC boosted its position in The Madison Square Garden by 0.3% in the second quarter. Gabelli Funds LLC now owns 537,800 shares of the company’s stock worth $92,776,000 after buying an additional 1,869 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in The Madison Square Garden by 17.7% in the second quarter. Dimensional Fund Advisors LP now owns 401,369 shares of the company’s stock worth $69,241,000 after buying an additional 60,272 shares during the last quarter. Finally, State Street Corp boosted its position in The Madison Square Garden by 10.0% in the first quarter. State Street Corp now owns 259,136 shares of the company’s stock worth $43,108,000 after buying an additional 23,584 shares during the last quarter. 88.44% of the stock is owned by hedge funds and other institutional investors.
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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