Zacks Investment Research downgraded shares of Madison Square Garden Co (NYSE:MSG) from a hold rating to a sell rating in a research note published on Wednesday morning.

According to Zacks, “The Madison Square Garden Company is involved in the sports, entertainment and media industries. The company’s business segment consists of MSG Sports, MSG Media and MSG Entertainment. MSG Sports is involved in live sporting events. MSG Sports owns and operates sports franchises include the New York Knicks, the New York Rangers, the New York Liberty, the Westchester Knicks and the Hartford Wolf Pack. MSG Media is involved in production and content development for multiple distribution platforms. MSG Entertainment creates, produces and presents live productions, hosts live entertainment events. The Madison Square Garden Company is based in New York, United States. “

Other equities analysts have also recently issued reports about the company. Loop Capital reiterated a buy rating and issued a $217.00 target price on shares of Madison Square Garden in a report on Tuesday, August 16th. Stifel Nicolaus increased 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. Jefferies Group cut Madison Square Garden from a buy rating to a hold rating and set a $185.00 target price on the stock. in a report on Monday, August 22nd. They noted that the move was a valuation call. Finally, 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Madison Square Garden currently has a consensus rating of Hold and an average target price of $159.75.

Madison Square Garden (NYSE:MSG) opened at 168.13 on Wednesday. The stock has a 50 day moving average of $173.90 and a 200-day moving average of $171.12. Madison Square Garden has a 52 week low of $139.10 and a 52 week high of $188.80. The firm’s market cap is $4.05 billion.

Madison Square Garden (NYSE:MSG) last posted its quarterly earnings results on Friday, August 19th. The company reported ($2.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by $1.39. The business had revenue of $217.80 million for the quarter. Madison Square Garden had a negative return on equity of 4.58% and a negative net margin of 6.93%. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. Analysts expect that Madison Square Garden will post ($0.38) earnings per share for the current year.

In other Madison Square Garden news, insider Kathleen Margaret Dolan purchased 15,954 shares of the company’s stock in a transaction dated Monday, September 12th. The stock was purchased at an average price of $182.96 per share, for a total transaction of $2,918,943.84. Following the transaction, the insider now owns 1,568 shares in the company, valued at approximately $286,881.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.55% of the company’s stock.

Several institutional investors have recently made changes to their positions in MSG. Point72 Asia Hong Kong Ltd purchased a new position in shares of Madison Square Garden during the second quarter worth $104,000. Seven Eight Capital LLC boosted its position 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 boosted its position 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 purchased a new position in shares of Madison Square Garden during the second quarter worth $177,000. Finally, Advisor Group Inc. purchased a new position in shares of Madison Square Garden during the second quarter worth $206,000. 88.44% of the stock is currently owned by institutional investors.

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.

5 Day Chart for NYSE:MSG

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