The Madison Square Garden Company (MSG) Posts Quarterly Earnings Results, Beats Expectations By $0.18 EPS
The Madison Square Garden Company (NYSE:MSG) announced its quarterly earnings results on Friday. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.65) by $0.18, Briefing.com reports. The business had revenue of $245.04 million during the quarter, compared to analyst estimates of $237.06 million. The Madison Square Garden had a negative return on equity of 2.43% and a negative net margin of 5.52%. The firm’s revenue was up 34.9% on a year-over-year basis. During the same period in the previous year, the company earned ($1.19) EPS.
Shares of The Madison Square Garden (NYSE:MSG) traded up $7.83 during mid-day trading on Friday, hitting $228.90. The company had a trading volume of 625,382 shares, compared to its average volume of 183,782. The Madison Square Garden has a 1-year low of $161.93 and a 1-year high of $231.44. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.04.
A hedge fund recently raised its stake in The Madison Square Garden stock. The Manufacturers Life Insurance Company increased its position in shares of The Madison Square Garden Company (NYSE:MSG) by 5.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 751 shares of the company’s stock after buying an additional 40 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in The Madison Square Garden were worth $148,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 70.90% of the company’s stock.
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Several equities research analysts have recently issued reports on MSG shares. Zacks Investment Research lowered The Madison Square Garden from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Jefferies Group LLC reiterated a “hold” rating and set a $200.00 price target on shares of The Madison Square Garden in a report on Tuesday, October 24th. BTIG Research set a $260.00 price target on The Madison Square Garden and gave the company a “buy” rating in a report on Monday, September 11th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $245.00 price objective (up from $215.00) on shares of The Madison Square Garden in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $211.50.
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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