Madison Square Garden (NYSE:MSGS) Downgraded by Wolfe Research to “Hold”

Madison Square Garden (NYSE:MSGS) was downgraded by analysts at Wolfe Research from an “outperform” rating to a “hold” rating in a report issued on Monday, Marketbeat.com reports.

MSGS has been the subject of several other research reports. BTIG Research started coverage on Madison Square Garden in a research note on Tuesday, October 7th. They issued a “neutral” rating for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday, December 8th. JPMorgan Chase & Co. increased their price target on shares of Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Zacks Research upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Finally, Citigroup initiated coverage on shares of Madison Square Garden in a report on Tuesday, September 9th. They issued a “buy” rating and a $285.00 price objective for the company. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Madison Square Garden has a consensus rating of “Hold” and a consensus price target of $260.50.

Madison Square Garden Trading Up 0.2%

NYSE MSGS opened at $237.82 on Monday. Madison Square Garden has a 1-year low of $173.26 and a 1-year high of $243.71. The firm’s fifty day simple moving average is $222.12 and its 200-day simple moving average is $210.30. The company has a market capitalization of $5.71 billion, a PE ratio of -242.67 and a beta of 0.66.

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

Institutional Trading of Madison Square Garden

Large investors have recently modified their holdings of the company. Farther Finance Advisors LLC grew its stake in Madison Square Garden by 5,450.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock valued at $25,000 after buying an additional 109 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Madison Square Garden in the third quarter valued at about $27,000. Accredited Wealth Management LLC increased its stake in shares of Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after purchasing an additional 131 shares during the period. Fifth Third Bancorp increased its stake in shares of Madison Square Garden by 59.5% in the second quarter. Fifth Third Bancorp now owns 185 shares of the company’s stock worth $39,000 after purchasing an additional 69 shares during the period. 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.