Madison Square Garden Co (NYSE:MSG) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 861,400 shares, a decline of 20.2% from the September 30th total of 1,080,000 shares. Based on an average trading volume of 226,900 shares, the days-to-cover ratio is presently 3.8 days. Approximately 5.2% of the shares of the company are short sold.
A number of brokerages recently issued reports on MSG. Morgan Stanley dropped their target price on shares of 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 dropped their target price 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. ValuEngine raised shares of Madison Square Garden from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 2nd. Finally, Guggenheim set a $350.00 target price on shares of Madison Square Garden and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Madison Square Garden has a consensus rating of “Buy” and a consensus target price of $343.25.
MSG stock traded down $2.10 on Thursday, reaching $273.83. 132,600 shares of the company were exchanged, compared to its average volume of 186,920. Madison Square Garden has a 12 month low of $240.33 and a 12 month high of $315.95. The stock’s fifty day moving average price is $267.76 and its 200 day moving average price is $280.64. The firm has a market capitalization of $6.51 billion, a PE ratio of 570.48 and a beta of 0.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.86 and a quick ratio of 1.86.
Madison Square Garden (NYSE:MSG) last announced its earnings results on Friday, November 8th. The company reported ($3.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($2.29) by ($1.07). Madison Square Garden had a negative return on equity of 1.36% and a negative net margin of 2.23%. The company had revenue of $214.78 million for the quarter, compared to the consensus estimate of $227.52 million. During the same period last year, the firm posted ($1.36) EPS. The company’s revenue was down 1.5% compared to the same quarter last year. As a group, research analysts expect that Madison Square Garden will post -0.85 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Griffin Asset Management Inc. boosted its stake in Madison Square Garden by 0.9% during the second quarter. Griffin Asset Management Inc. now owns 5,900 shares of the company’s stock worth $1,652,000 after buying an additional 50 shares in the last quarter. Institute for Wealth Management LLC. boosted its stake in Madison Square Garden by 1.4% during the second quarter. Institute for Wealth Management LLC. now owns 3,834 shares of the company’s stock worth $1,073,000 after buying an additional 54 shares in the last quarter. Hudock Capital Group LLC boosted its stake in Madison Square Garden by 122.2% during the third quarter. Hudock Capital Group LLC now owns 100 shares of the company’s stock worth $26,000 after buying an additional 55 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Madison Square Garden by 0.6% during the second quarter. Treasurer of the State of North Carolina now owns 8,972 shares of the company’s stock worth $2,512,000 after buying an additional 56 shares in the last quarter. Finally, First Bank & Trust boosted its stake in Madison Square Garden by 18.3% during the third quarter. First Bank & Trust now owns 433 shares of the company’s stock worth $114,000 after buying an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 71.64% of the company’s stock.
About Madison Square Garden
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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