Equities Analysts Issue Forecasts for Madison Square Garden Co’s Q1 2017 Earnings (MSG)
Madison Square Garden Co (NYSE:MSG) – Investment analysts at Jefferies Group increased their Q1 2017 EPS estimates for shares of Madison Square Garden in a research report issued to clients and investors on Monday. Jefferies Group analyst J. Janedis now anticipates that the firm will post earnings per share of ($1.01) for the quarter, up from their previous estimate of ($1.14). Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Madison Square Garden’s Q2 2017 earnings at $1.31 EPS, Q3 2017 earnings at ($0.19) EPS, Q4 2017 earnings at ($0.64) EPS, FY2017 earnings at ($0.52) EPS and FY2018 earnings at ($0.59) EPS.
Madison Square Garden (NYSE:MSG) last announced its quarterly earnings results on Friday, August 19th. The company reported ($2.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by $1.39. Madison Square Garden had a negative return on equity of 4.58% and a negative net margin of 6.93%. The business earned $217.80 million during the quarter. During the same period in the prior year, the business earned $0.60 EPS. Madison Square Garden’s quarterly revenue was down 14.6% on a year-over-year basis.
MSG has been the topic of several other reports. Zacks Investment Research raised Madison Square Garden from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Loop Capital reaffirmed a “buy” rating and set a $217.00 target price on shares of Madison Square Garden in a report on Tuesday, August 16th. Albert Fried & Company cut their target price on Madison Square Garden from $170.00 to $150.00 and set a “market perform” rating on the stock in a report on Wednesday, September 28th. Finally, Stifel Nicolaus lifted their target price on Madison Square Garden from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Monday, August 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Madison Square Garden currently has a consensus rating of “Hold” and an average target price of $159.75.
Madison Square Garden (NYSE:MSG) traded down 1.14% on Wednesday, hitting $166.21. The stock had a trading volume of 40,086 shares. The stock’s market capitalization is $4.00 billion. The company has a 50-day moving average price of $173.90 and a 200-day moving average price of $171.12. Madison Square Garden has a 52 week low of $139.10 and a 52 week high of $188.80.
A number of hedge funds have recently modified their holdings of MSG. Point72 Asia Hong Kong Ltd purchased a new stake in shares of Madison Square Garden during the second quarter worth approximately $104,000. Seven Eight Capital LLC raised its stake in shares of Madison Square Garden by 44.7% in the first quarter. Seven Eight Capital LLC now owns 647 shares of the company’s stock worth $108,000 after buying an additional 200 shares in the last quarter. Citizens Financial Group Inc RI raised its stake in shares of Madison Square Garden by 1.7% in the first quarter. Citizens Financial Group Inc RI now owns 938 shares of the company’s stock worth $156,000 after buying an additional 16 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Madison Square Garden during the second quarter worth approximately $177,000. Finally, Advisor Group Inc. bought a new stake in shares of Madison Square Garden during the second quarter worth approximately $206,000. 88.44% of the stock is owned by institutional investors and hedge funds.
In other news, insider Kathleen Margaret Dolan bought 15,954 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The stock was acquired at an average cost of $182.96 per share, with a total value of $2,918,943.84. Following the transaction, the insider now directly owns 1,568 shares of the company’s stock, valued at approximately $286,881.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 16.55% of the stock is owned by corporate insiders.
Madison Square Garden Company Profile
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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