Zacks: Analysts Expect The Madison Square Garden Company (MSG) Will Announce Quarterly Sales of $238.52 Million
Equities research analysts predict that The Madison Square Garden Company (NYSE:MSG) will post sales of $238.52 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for The Madison Square Garden’s earnings, with the highest sales estimate coming in at $241.84 million and the lowest estimate coming in at $235.20 million. The Madison Square Garden posted sales of $181.70 million during the same quarter last year, which would indicate a positive year over year growth rate of 31.3%. The firm is expected to report its next quarterly earnings report on Friday, November 3rd.
On average, analysts expect that The Madison Square Garden will report full year sales of $238.52 million for the current fiscal year, with estimates ranging from $1.48 billion to $1.54 billion. For the next year, analysts forecast that the firm will post sales of $1.58 billion per share, with estimates ranging from $1.55 billion to $1.59 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for The Madison Square Garden.
The Madison Square Garden (NYSE:MSG) last released its quarterly earnings data on Thursday, August 17th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.10) by ($2.48). The Madison Square Garden had a negative net margin of 5.52% and a negative return on equity of 2.43%. The company had revenue of $305.60 million for the quarter, compared to the consensus estimate of $279.19 million. During the same quarter in the previous year, the firm posted ($2.39) earnings per share. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of The Madison Square Garden from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 18th. BTIG Research set a $260.00 price target on shares of The Madison Square Garden and gave the stock a “buy” rating in a research note on Monday, September 11th. Jefferies Group LLC upped their target price on shares of The Madison Square Garden from $185.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, August 18th. Finally, Morgan Stanley restated an “overweight” rating and set a $245.00 target price (up from $215.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $211.50.
The Madison Square Garden (MSG) traded up 0.10% during mid-day trading on Monday, hitting $219.59. The company had a trading volume of 40,049 shares. The Madison Square Garden has a 52 week low of $161.02 and a 52 week high of $226.95. The company’s market capitalization is $5.17 billion. The firm’s 50 day moving average is $215.73 and its 200 day moving average is $206.15.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of The Madison Square Garden by 8.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock valued at $140,000 after buying an additional 58 shares during the period. The Manufacturers Life Insurance Company increased its position in The Madison Square Garden by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock worth $148,000 after purchasing an additional 40 shares during the last quarter. Maverick Capital Ltd. acquired a new position in The Madison Square Garden during the second quarter worth approximately $176,000. CGOV Asset Management acquired a new position in The Madison Square Garden during the first quarter worth approximately $266,000. Finally, CAPROCK Group Inc. acquired a new position in The Madison Square Garden during the third quarter worth approximately $221,000. 70.84% of the stock is currently owned by institutional investors and hedge funds.
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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