Comerica Bank grew its position in Madison Square Garden Co (NYSE:MSG) by 477.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,211 shares of the company’s stock after buying an additional 3,482 shares during the quarter. Comerica Bank’s holdings in Madison Square Garden were worth $1,186,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. Strs Ohio acquired a new stake in shares of Madison Square Garden during the second quarter worth approximately $692,000. Partner Investment Management L.P. acquired a new stake in shares of Madison Square Garden during the second quarter worth approximately $1,288,000. Three Peaks Capital Management LLC boosted its holdings in shares of Madison Square Garden by 12.6% during the third quarter. Three Peaks Capital Management LLC now owns 7,546 shares of the company’s stock worth $2,379,000 after purchasing an additional 842 shares during the period. NumerixS Investment Technologies Inc boosted its holdings in shares of Madison Square Garden by 106.7% during the second quarter. NumerixS Investment Technologies Inc now owns 3,100 shares of the company’s stock worth $940,000 after purchasing an additional 1,600 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Madison Square Garden by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 67,112 shares of the company’s stock worth $20,818,000 after purchasing an additional 1,213 shares during the period. Institutional investors own 69.86% of the company’s stock.
Several research firms recently commented on MSG. Zacks Investment Research upgraded shares of Madison Square Garden from a “hold” rating to a “buy” rating and set a $316.00 price target for the company in a report on Wednesday, October 24th. Morgan Stanley decreased their price target on shares of Madison Square Garden from $320.00 to $310.00 and set an “equal weight” rating for the company in a report on Friday, November 30th. Imperial Capital began coverage on shares of Madison Square Garden in a report on Tuesday, August 21st. They set an “outperform” rating and a $372.00 price target for the company. Guggenheim raised their price target on shares of Madison Square Garden to $350.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Finally, Macquarie restated a “buy” rating and set a $356.00 price target on shares of Madison Square Garden in a report on Tuesday, October 30th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Madison Square Garden presently has an average rating of “Buy” and an average target price of $342.67.
Shares of MSG opened at $271.48 on Friday. The company has a market cap of $6.20 billion, a P/E ratio of 45.70, a price-to-earnings-growth ratio of 43.38 and a beta of 0.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.72 and a current ratio of 1.72. Madison Square Garden Co has a twelve month low of $205.22 and a twelve month high of $330.00.
Madison Square Garden (NYSE:MSG) last issued its quarterly earnings data on Thursday, November 1st. The company reported ($1.36) earnings per share for the quarter, beating the consensus estimate of ($2.13) by $0.77. The firm had revenue of $218.14 million for the quarter, compared to analyst estimates of $211.48 million. Madison Square Garden had a net margin of 7.86% and a return on equity of 0.27%. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.47) earnings per share. Analysts predict that Madison Square Garden Co will post -0.13 earnings per share for the current year.
About Madison Square Garden
The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.
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