The Madison Square Garden Company (MSG) Cut to “Sell” at Zacks Investment Research

The Madison Square Garden Company (NYSE:MSG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

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. “

Other equities research analysts have also issued reports about the company. BTIG Research reissued a “buy” rating and issued a $260.00 price target (up from $240.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Morgan Stanley reissued an “overweight” rating and issued a $245.00 price target (up from $215.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Finally, Jefferies Group LLC increased their price target on The Madison Square Garden from $185.00 to $200.00 and gave the company a “hold” rating in a research report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. The Madison Square Garden presently has an average rating of “Hold” and a consensus price target of $211.50.

Shares of The Madison Square Garden (NYSE MSG) opened at 217.75 on Tuesday. The Madison Square Garden has a 12-month low of $160.96 and a 12-month high of $226.95. The stock has a 50 day moving average of $215.34 and a 200-day moving average of $205.66. The firm’s market capitalization is $5.13 billion.

The Madison Square Garden (NYSE:MSG) last released its quarterly earnings results on Thursday, August 17th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($2.48). The company had revenue of $305.60 million during the quarter, compared to analysts’ expectations of $279.19 million. The Madison Square Garden had a negative net margin of 5.52% and a negative return on equity of 2.43%. The company’s quarterly revenue was up 40.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.39) earnings per share. On average, equities research analysts predict that The Madison Square Garden will post $0.59 EPS for the current fiscal year.

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Several institutional investors have recently made changes to their positions in the company. Amalgamated Bank increased its position in shares of The Madison Square Garden by 0.5% during the 1st quarter. Amalgamated Bank now owns 2,796 shares of the company’s stock valued at $558,000 after purchasing an additional 15 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of The Madison Square Garden by 5.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock valued at $148,000 after purchasing an additional 40 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of The Madison Square Garden by 8.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock valued at $140,000 after purchasing an additional 58 shares during the last quarter. Prudential Financial Inc. increased its position in shares of The Madison Square Garden by 5.6% during the 2nd quarter. Prudential Financial Inc. now owns 1,326 shares of the company’s stock valued at $261,000 after purchasing an additional 70 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of The Madison Square Garden by 2.4% during the 2nd quarter. CIBC Asset Management Inc now owns 3,422 shares of the company’s stock valued at $674,000 after purchasing an additional 80 shares during the last quarter. 70.84% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for The Madison Square Garden (NYSE:MSG)

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