Zacks Investment Research Lowers The Madison Square Garden (NYSE:MSG) to Sell

The Madison Square Garden (NYSE:MSG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, November 9th.

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. “

A number of other equities analysts also recently issued reports on MSG. Jefferies Group reaffirmed a “hold” rating and set a $200.00 price objective on shares of The Madison Square Garden in a report on Tuesday, October 24th. Morgan Stanley reiterated an “overweight” rating and set a $245.00 price target (up from $215.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Loop Capital upped their target price on The Madison Square Garden from $266.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. Finally, BTIG Research reissued a “buy” rating and set a $260.00 price objective (up previously from $240.00) on shares of The Madison Square Garden in a research note on Tuesday, July 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $217.78.

The Madison Square Garden (NYSE MSG) traded down $0.38 during trading on Thursday, hitting $213.93. 547,414 shares of the stock were exchanged, compared to its average volume of 175,066. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.04. The Madison Square Garden has a fifty-two week low of $166.86 and a fifty-two week high of $231.44.

The Madison Square Garden (NYSE:MSG) last announced its earnings results on Friday, November 3rd. The company reported ($0.47) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.18. The company had revenue of $245.04 million during the quarter, compared to the consensus estimate of $237.06 million. The Madison Square Garden had a negative net margin of 4.00% and a negative return on equity of 1.75%. The company’s revenue was up 34.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.19) earnings per share. research analysts expect that The Madison Square Garden will post 0.66 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of The Madison Square Garden by 78.9% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 592 shares of the company’s stock worth $127,000 after buying an additional 261 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in The Madison Square Garden by 8.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock worth $140,000 after purchasing an additional 58 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of The Madison Square Garden by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock valued at $148,000 after acquiring an additional 40 shares in the last quarter. Maverick Capital Ltd. purchased a new position in shares of The Madison Square Garden in the second quarter valued at approximately $176,000. Finally, South State Corp acquired a new stake in shares of The Madison Square Garden in the second quarter valued at approximately $203,000. 71.26% of the stock is currently owned by institutional investors and hedge funds.

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The Madison Square Garden Company Profile

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

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