Madison Square Garden (NYSE:MSGS) Cut to “Hold” at Wolfe Research

Wolfe Research cut shares of Madison Square Garden (NYSE:MSGS) from an outperform rating to a hold rating in a research report released on Monday, Marketbeat.com reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday, December 8th. Zacks Research upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Citigroup initiated coverage on shares of Madison Square Garden in a report on Tuesday, September 9th. They set a “buy” rating and a $285.00 target price on the stock. BTIG Research began coverage on shares of Madison Square Garden in a research note on Tuesday, October 7th. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $261.33.

Madison Square Garden Stock Performance

Shares of NYSE:MSGS opened at $241.20 on Monday. The company has a 50 day moving average price of $222.87 and a two-hundred day moving average price of $210.84. The company has a market capitalization of $5.79 billion, a PE ratio of -246.12 and a beta of 0.66. Madison Square Garden has a 52 week low of $173.26 and a 52 week high of $243.71.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings results on Friday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.67. The company had revenue of $39.45 million during the quarter, compared to analyst estimates of $41.41 million. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The firm’s revenue was down 26.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.31) EPS. On average, sell-side analysts forecast that Madison Square Garden will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Madison Square Garden

Several hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its position in shares of Madison Square Garden by 5,450.0% in the third quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after purchasing an additional 109 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in Madison Square Garden in the 3rd quarter valued at $27,000. Accredited Wealth Management LLC lifted its position in Madison Square Garden by 524.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after buying an additional 131 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Madison Square Garden by 59.5% during the 2nd quarter. Fifth Third Bancorp now owns 185 shares of the company’s stock worth $39,000 after buying an additional 69 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new position in shares of Madison Square Garden during the 3rd quarter worth about $80,000. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.