The Madison Square Garden Company (MSG) Issues Quarterly Earnings Results
The Madison Square Garden Company (NYSE:MSG) posted its quarterly earnings results on Friday. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.65) by $0.18, Briefing.com reports. The Madison Square Garden had a negative net margin of 5.52% and a negative return on equity of 2.43%. The business had revenue of $245.04 million during the quarter, compared to analyst estimates of $237.06 million. During the same period in the prior year, the business posted ($1.19) earnings per share. The company’s revenue was up 34.9% on a year-over-year basis.
The Madison Square Garden (NYSE MSG) traded up $7.90 during trading on Friday, hitting $228.90. 625,378 shares of the stock were exchanged, compared to its average volume of 207,909. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The Madison Square Garden has a one year low of $161.93 and a one year high of $231.44.
Several research firms have issued reports on MSG. Jefferies Group LLC restated a “hold” rating and set a $200.00 price target on shares of The Madison Square Garden in a research report on Tuesday, October 24th. Zacks Investment Research lowered shares of The Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Morgan Stanley restated 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. Finally, BTIG Research set a $260.00 price target on shares of The Madison Square Garden and gave the company a “buy” rating in a research report on Monday, September 11th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $211.50.
A hedge fund recently raised its stake in The Madison Square Garden stock. The Manufacturers Life Insurance Company lifted its position in shares of The Madison Square Garden Company (NYSE:MSG) by 5.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 751 shares of the company’s stock after purchasing an additional 40 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in The Madison Square Garden were worth $148,000 as of its most recent SEC filing. Institutional investors own 70.90% of the company’s stock.
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About The Madison Square Garden
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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