Madison Square Garden Co (MSG) Lowered to Hold at Zacks Investment Research
Madison Square Garden Co (NYSE:MSG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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 subject of a number of other reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $245.00 target price on shares of Madison Square Garden in a research note on Thursday, April 20th. Jefferies Group LLC reissued a “hold” rating on shares of Madison Square Garden in a research note on Tuesday, March 21st. Macquarie reissued a “hold” rating and set a $182.00 target price on shares of Madison Square Garden in a research note on Monday, February 6th. Albert Fried & Company reissued a “hold” rating on shares of Madison Square Garden in a research note on Wednesday, January 11th. Finally, Citigroup Inc cut their target price on Madison Square Garden from $102.00 to $93.00 and set a “buy” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six 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 $196.40.
Madison Square Garden (NYSE:MSG) opened at 200.58 on Tuesday. Madison Square Garden has a 12 month low of $156.60 and a 12 month high of $206.60. The stock’s market capitalization is $4.72 billion. The company’s 50-day moving average price is $199.43 and its 200 day moving average price is $181.11.
Madison Square Garden (NYSE:MSG) last issued its earnings results on Thursday, May 4th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by $0.33. The business had revenue of $386 million for the quarter, compared to analysts’ expectations of $365.57 million. Madison Square Garden had a negative return on equity of 2.55% and a negative net margin of 7.63%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period last year, the company posted ($2.47) earnings per share. On average, analysts forecast that Madison Square Garden will post ($0.53) earnings per share for the current fiscal year.
In related news, SVP Joseph F. Yospe sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The stock was sold at an average price of $204.17, for a total value of $306,255.00. Following the completion of the transaction, the senior vice president now directly owns 7,433 shares of the company’s stock, valued at approximately $1,517,595.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 18.64% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MSG. CIBC World Markets Inc. purchased a new position in Madison Square Garden during the first quarter valued at $209,000. CI Investments Inc. increased its position in Madison Square Garden by 925.4% in the first quarter. CI Investments Inc. now owns 6,870 shares of the company’s stock valued at $1,372,000 after buying an additional 6,200 shares during the last quarter. Engineers Gate Manager LP purchased a new position in Madison Square Garden during the first quarter valued at $459,000. Lafayette Investments Inc. increased its position in Madison Square Garden by 10.6% in the first quarter. Lafayette Investments Inc. now owns 36,071 shares of the company’s stock valued at $7,204,000 after buying an additional 3,456 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in Madison Square Garden during the first quarter valued at $838,000. 86.31% of the stock is owned by hedge funds and other institutional investors.
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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