Zacks Investment Research downgraded shares of The Madison Square Garden Company (NYSE:MSG) from a hold rating to a sell rating in a research note released on Tuesday.

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 research reports about the stock. BTIG Research restated a buy rating and set a $260.00 target price (up previously from $240.00) on shares of The Madison Square Garden in a research note on Tuesday, July 25th. Jefferies Group LLC upped their target price on shares of The Madison Square Garden from $185.00 to $200.00 and gave the company a hold rating in a research note on Friday, August 18th. Finally, Morgan Stanley restated an overweight rating and set a $245.00 target price (up previously from $215.00) on shares of The Madison Square Garden in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $211.50.

The Madison Square Garden (MSG) traded up 1.8189% on Tuesday, hitting $218.8291. 146,768 shares of the company were exchanged. The stock’s market capitalization is $5.15 billion. The company has a 50 day moving average price of $215.53 and a 200-day moving average price of $205.99. The Madison Square Garden has a 52 week low of $160.96 and a 52 week high of $226.95.

The Madison Square Garden (NYSE:MSG) last posted its earnings results on Thursday, August 17th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.10) by ($2.48). The company had revenue of $305.60 million for the quarter, compared to the consensus estimate of $279.19 million. The Madison Square Garden had a negative net margin of 5.52% and a negative return on equity of 2.43%. The Madison Square Garden’s revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.39) EPS. On average, equities analysts expect that The Madison Square Garden will post $0.59 earnings per share for the current fiscal year.

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Several large investors have recently modified their holdings of the company. Amalgamated Bank lifted its stake in shares of The Madison Square Garden by 0.5% in the 1st quarter. Amalgamated Bank now owns 2,796 shares of the company’s stock worth $558,000 after purchasing an additional 15 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of The Madison Square Garden by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock worth $148,000 after purchasing an additional 40 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of The Madison Square Garden by 8.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock worth $140,000 after purchasing an additional 58 shares during the period. Prudential Financial Inc. lifted its stake in shares of The Madison Square Garden by 5.6% in the 2nd quarter. Prudential Financial Inc. now owns 1,326 shares of the company’s stock worth $261,000 after purchasing an additional 70 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of The Madison Square Garden by 2.4% in the 2nd quarter. CIBC Asset Management Inc now owns 3,422 shares of the company’s stock worth $674,000 after purchasing an additional 80 shares during the period. Hedge funds and other institutional investors own 70.84% of the company’s stock.

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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