Madison Square Garden (NYSE:MSGS) Rating Lowered to “Hold” at Wolfe Research

Madison Square Garden (NYSE:MSGS) was downgraded by analysts at Wolfe Research from an “outperform” rating to a “hold” rating in a note issued to investors on Monday, Marketbeat Ratings reports.

Several other brokerages have also issued reports on MSGS. JPMorgan Chase & Co. raised their price objective on Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday, December 8th. Citigroup began coverage on Madison Square Garden in a research note on Tuesday, September 9th. They issued a “buy” rating and a $285.00 price objective for the company. Zacks Research upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Finally, BTIG Research initiated coverage on shares of Madison Square Garden in a report on Tuesday, October 7th. They issued a “neutral” rating on the stock. Five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $261.33.

Madison Square Garden Stock Down 1.0%

MSGS stock opened at $235.41 on Monday. The business has a 50 day moving average price of $222.44 and a 200 day moving average price of $210.63. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of -240.21 and a beta of 0.66. Madison Square Garden has a fifty-two week low of $173.26 and a fifty-two week high of $243.71.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.67. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The company had revenue of $39.45 million for the quarter, compared to analysts’ expectations of $41.41 million. During the same quarter last year, the company earned ($0.31) earnings per share. The firm’s revenue for the quarter was down 26.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Madison Square Garden will post 0.73 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden

Several large investors have recently modified their holdings of MSGS. Farther Finance Advisors LLC lifted its holdings in shares of Madison Square Garden by 5,450.0% during the third quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after purchasing an additional 109 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of Madison Square Garden in the 3rd quarter worth $27,000. Accredited Wealth Management LLC boosted its holdings in shares of Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after acquiring an additional 131 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Madison Square Garden by 59.5% during the second quarter. Fifth Third Bancorp now owns 185 shares of the company’s stock worth $39,000 after acquiring an additional 69 shares during the period. Finally, Hantz Financial Services Inc. purchased a new position in Madison Square Garden during the third quarter worth about $80,000. Hedge funds and other institutional investors own 68.94% of the company’s stock.

About Madison Square Garden

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.