Zacks Investment Research upgraded shares of The Madison Square Garden Co. (NYSE:MSG) from a hold rating to a buy rating in a research note released on Friday. They currently have $185.00 price target on the stock.
According to Zacks, “The Madison Square Garden Company is involved in the sports, entertainment and media industries. The company’s business segment consists of MSG Sports, MSG Media and MSG Entertainment. MSG Sports is involved in live sporting events. MSG Sports owns and operates sports franchises include the New York Knicks, the New York Rangers, the New York Liberty, the Westchester Knicks and the Hartford Wolf Pack. MSG Media is involved in production and content development for multiple distribution platforms. MSG Entertainment creates, produces and presents live productions, hosts live entertainment events. The Madison Square Garden Company is based in New York, United States. “
MSG has been the topic of several other research reports. Stifel Nicolaus upped their price objective on The Madison Square Garden from $190.00 to $210.00 and gave the stock a buy rating in a research report on Monday, August 22nd. Jefferies Group restated a hold rating on shares of The Madison Square Garden in a research report on Monday, September 12th. Albert Fried & Company lowered their price objective on The Madison Square Garden from $170.00 to $150.00 and set a market perform rating on the stock in a research report on Wednesday, September 28th. Finally, Loop Capital restated a buy rating and issued a $217.00 price objective on shares of The Madison Square Garden in a research report on Tuesday, August 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The Madison Square Garden currently has a consensus rating of Hold and a consensus target price of $159.86.
Shares of The Madison Square Garden (NYSE:MSG) opened at 164.64 on Friday. The company’s market cap is $3.96 billion. The company has a 50-day moving average of $172.10 and a 200 day moving average of $171.12. The Madison Square Garden has a 12 month low of $139.10 and a 12 month high of $188.80.
The Madison Square Garden (NYSE:MSG) last issued its earnings results on Friday, August 19th. The company reported ($2.39) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.00) by $1.39. The firm earned $217.80 million during the quarter. The Madison Square Garden had a negative net margin of 6.93% and a negative return on equity of 4.58%. The firm’s revenue was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 EPS. On average, analysts anticipate that The Madison Square Garden will post ($0.38) earnings per share for the current year.
In other news, insider Kathleen Margaret Dolan bought 15,954 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were bought at an average cost of $182.96 per share, for a total transaction of $2,918,943.84. Following the completion of the transaction, the insider now owns 1,568 shares in the company, valued at $286,881.28. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 19.61% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Point72 Asia Hong Kong Ltd purchased a new stake in The Madison Square Garden during the second quarter worth approximately $104,000. Seven Eight Capital LLC increased its stake in shares of The Madison Square Garden by 44.7% in the first quarter. Seven Eight Capital LLC now owns 647 shares of the company’s stock valued at $108,000 after buying an additional 200 shares in the last quarter. Citizens Financial Group Inc RI increased its stake in shares of The Madison Square Garden by 1.7% in the first quarter. Citizens Financial Group Inc RI now owns 938 shares of the company’s stock valued at $156,000 after buying an additional 16 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of The Madison Square Garden during the second quarter valued at about $177,000. Finally, Advisor Group Inc. bought a new stake in shares of The Madison Square Garden during the second quarter valued at about $206,000. Institutional investors own 88.44% of the company’s stock.
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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