ValuEngine Downgrades Madison Square Garden (NYSE:MSG) to Buy

ValuEngine downgraded shares of Madison Square Garden (NYSE:MSG) from a strong-buy rating to a buy rating in a report published on Tuesday, ValuEngine reports.

Several other equities analysts have also recently issued reports on the company. Morgan Stanley lowered their price target on Madison Square Garden from $340.00 to $320.00 and set an equal weight rating on the stock in a research report on Thursday, August 22nd. Imperial Capital lowered their price objective on shares of Madison Square Garden from $362.00 to $358.00 and set an outperform rating on the stock in a research report on Monday, November 11th. Finally, Guggenheim set a $350.00 price objective on shares of Madison Square Garden and gave the company a buy rating in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $343.75.

Shares of NYSE:MSG traded up $6.39 during trading on Tuesday, reaching $285.73. The company had a trading volume of 252,305 shares, compared to its average volume of 187,716. The firm’s fifty day moving average is $273.43 and its 200 day moving average is $277.52. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a market capitalization of $6.79 billion, a PE ratio of 595.27 and a beta of 0.56. Madison Square Garden has a twelve month low of $240.33 and a twelve month high of $315.95.

Madison Square Garden (NYSE:MSG) last announced its earnings results on Friday, November 8th. The company reported ($3.36) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.29) by ($1.07). The firm had revenue of $214.78 million for the quarter, compared to the consensus estimate of $227.52 million. Madison Square Garden had a negative return on equity of 1.38% and a negative net margin of 2.23%. Madison Square Garden’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.36) EPS. Equities analysts predict that Madison Square Garden will post -0.8 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of MSG. Renaissance Technologies LLC grew its position in Madison Square Garden by 293.6% in the second quarter. Renaissance Technologies LLC now owns 187,752 shares of the company’s stock worth $52,559,000 after acquiring an additional 140,052 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Madison Square Garden by 8.4% in the 2nd quarter. BlackRock Inc. now owns 1,044,764 shares of the company’s stock valued at $292,473,000 after purchasing an additional 80,714 shares during the last quarter. Atalan Capital Partners LP lifted its stake in shares of Madison Square Garden by 33.3% in the 2nd quarter. Atalan Capital Partners LP now owns 319,900 shares of the company’s stock valued at $89,553,000 after purchasing an additional 79,900 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Madison Square Garden in the second quarter worth $20,279,000. Finally, Maplelane Capital LLC bought a new stake in Madison Square Garden in the second quarter worth $13,997,000. 70.48% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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