Madison Square Garden (NYSE:MSGS) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of Madison Square Garden (NYSE:MSGS) from a hold rating to a strong sell rating in a report published on Thursday morning,Zacks.com reports.

A number of other analysts have also commented on MSGS. Susquehanna boosted their price target on Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a report on Tuesday, June 23rd. Citigroup increased their price objective on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Guggenheim lifted their target price on Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Morgan Stanley upgraded Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 target price on the stock in a research note on Wednesday. Finally, Seaport Research Partners upped their price target on Madison Square Garden from $430.00 to $435.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $403.00.

Madison Square Garden Stock Up 2.2%

Shares of MSGS stock opened at $396.04 on Thursday. Madison Square Garden has a 12-month low of $188.60 and a 12-month high of $411.73. The firm has a fifty day moving average of $375.44 and a 200-day moving average of $329.94. The company has a market capitalization of $9.54 billion, a price-to-earnings ratio of -425.84 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.59) earnings per share. On average, equities analysts expect that Madison Square Garden will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Madison Square Garden

Hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd acquired a new stake in shares of Madison Square Garden in the fourth quarter valued at about $26,000. Caitong International Asset Management Co. Ltd raised its holdings in Madison Square Garden by 67.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock worth $32,000 after acquiring an additional 49 shares in the last quarter. SJS Investment Consulting Inc. boosted its position in Madison Square Garden by 488.2% during the first quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock valued at $32,000 after purchasing an additional 83 shares during the last quarter. Global Retirement Partners LLC boosted its position in Madison Square Garden by 1,150.0% during the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. Finally, Salomon & Ludwin LLC grew its stake in Madison Square Garden by 33.1% in the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 39 shares in the last quarter. Institutional investors own 68.94% of the company’s stock.

About Madison Square Garden

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.