The Madison Square Garden Co. (NYSE:MSG) had its price target lowered by analysts at Albert Fried & Company from $170.00 to $150.00 in a research note issued to investors on Wednesday. The brokerage currently has a “market perform” rating on the stock. Albert Fried & Company’s price target indicates a potential downside of 11.76% from the company’s current price.
A number of other research firms also recently weighed in on MSG. Stifel Nicolaus raised their price target on The Madison Square Garden from $190.00 to $210.00 and gave the company 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. Zacks Investment Research upgraded The Madison Square Garden from a “sell” rating to a “hold” rating in a report on Wednesday, June 1st. Finally, Loop Capital reiterated a “buy” rating and issued a $217.00 price objective on shares of The Madison Square Garden in a report on Saturday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The Madison Square Garden presently has a consensus rating of “Hold” and an average price target of $159.75.
Shares of The Madison Square Garden (NYSE:MSG) traded down 0.75% during trading on Wednesday, reaching $168.73. The company’s stock had a trading volume of 15,449 shares. The stock’s 50-day moving average is $178.82 and its 200-day moving average is $170.87. The Madison Square Garden has a 12-month low of $139.10 and a 12-month high of $188.80. The stock’s market cap is $4.06 billion.
The Madison Square Garden (NYSE:MSG) last released its quarterly earnings results on Friday, August 19th. The company reported ($2.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.00) by $1.39. The Madison Square Garden had a negative net margin of 6.93% and a negative return on equity of 4.58%. The firm had revenue of $217.80 million for the quarter. During the same quarter last year, the firm earned $0.60 EPS. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. Equities research analysts anticipate that The Madison Square Garden will post ($0.37) earnings per share for the current fiscal year.
In other news, insider Kathleen Margaret Dolan acquired 15,954 shares of the business’s stock in a transaction on Monday, September 12th. The shares were acquired at an average cost of $182.96 per share, with a total value of $2,918,943.84. Following the transaction, the insider now owns 1,568 shares in the company, valued at approximately $286,881.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 19.61% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its stake in The Madison Square Garden by 10.0% in the first quarter. State Street Corp now owns 259,136 shares of the company’s stock valued at $43,108,000 after buying an additional 23,584 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in The Madison Square Garden by 66.8% in the first quarter. JPMorgan Chase & Co. now owns 35,836 shares of the company’s stock valued at $5,962,000 after buying an additional 14,357 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in The Madison Square Garden by 232.1% in the first quarter. Goldman Sachs Group Inc. now owns 40,817 shares of the company’s stock valued at $6,791,000 after buying an additional 28,527 shares during the last quarter. UBS Group AG boosted its stake in The Madison Square Garden by 9.0% in the first quarter. UBS Group AG now owns 16,503 shares of the company’s stock valued at $2,746,000 after buying an additional 1,367 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in The Madison Square Garden by 5.8% in the first quarter. Geode Capital Management LLC now owns 122,813 shares of the company’s stock valued at $20,431,000 after buying an additional 6,762 shares during the last quarter. 88.44% of the stock is currently owned by institutional investors and hedge funds.
About The Madison Square Garden
The Madison Square Garden Company, formerly MSG Spinco, Inc, is engaged in sports and entertainment business. The Company operates through two segments: MSG Sports and MSG Entertainment. MSG Sports segment includes sports business, which owns and operates the sports franchises, such as the New York Knicks (the Knicks) of the National Basketball Association (the NBA) and the New York Rangers (the Rangers) of the National Hockey League (the NHL).
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