Madison Square Garden Target of Unusually Large Options Trading (MSG)

Madison Square Garden Co (NYSE:MSG) saw some unusual options trading on Tuesday. Stock traders bought 480 call options on the stock. This is an increase of 700% compared to the average daily volume of 60 call options.

Madison Square Garden (NYSE:MSG) traded up $9.93 during trading hours on Wednesday, hitting $219.96. The stock had a trading volume of 421,709 shares, compared to its average volume of 205,197. Madison Square Garden has a 1-year low of $173.56 and a 1-year high of $231.44. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.93 and a quick ratio of 1.93. The company has a market cap of $4,916.87, a price-to-earnings ratio of 69.39 and a beta of 0.99.

Madison Square Garden (NYSE:MSG) last posted its quarterly earnings results on Friday, February 2nd. The company reported $3.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $1.32. Madison Square Garden had a negative return on equity of 1.00% and a net margin of 5.21%. The business had revenue of $536.30 million for the quarter, compared to analyst estimates of $523.45 million. During the same period last year, the company earned $2.39 EPS. The firm’s revenue was up 20.5% on a year-over-year basis. sell-side analysts predict that Madison Square Garden will post 0.75 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its holdings in 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 acquiring an additional 40 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Madison Square Garden by 13.0% during the second quarter. Dynamic Technology Lab Private Ltd now owns 2,081 shares of the company’s stock worth $410,000 after acquiring an additional 240 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Madison Square Garden by 78.9% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 592 shares of the company’s stock worth $127,000 after acquiring an additional 261 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Madison Square Garden by 11.4% during the third quarter. Pacer Advisors Inc. now owns 3,181 shares of the company’s stock worth $681,000 after acquiring an additional 325 shares in the last quarter. Finally, Boothbay Fund Management LLC lifted its holdings in Madison Square Garden by 15.6% during the third quarter. Boothbay Fund Management LLC now owns 2,421 shares of the company’s stock worth $518,000 after acquiring an additional 326 shares in the last quarter. Hedge funds and other institutional investors own 69.05% of the company’s stock.

Several equities research analysts have recently commented on the company. ValuEngine raised Madison Square Garden from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Zacks Investment Research upgraded Madison Square Garden from a “hold” rating to a “buy” rating and set a $235.00 price target on the stock in a research report on Thursday, January 4th. TheStreet upgraded Madison Square Garden from a “c” rating to a “b” rating in a research report on Friday, February 2nd. Loop Capital raised their price target on Madison Square Garden from $266.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Finally, Morgan Stanley lowered Madison Square Garden from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $218.50 to $245.00 in a research report on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $223.63.

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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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