Madison Square Garden (NYSE:MSG) Releases Quarterly Earnings Results, Misses Estimates By $0.74 EPS
Madison Square Garden (NYSE:MSG) announced its quarterly earnings results on Tuesday. The company reported ($3.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.34) by ($0.74), Briefing.com reports. Madison Square Garden had a net margin of 0.70% and a return on equity of 0.43%. The business had revenue of $263.56 million during the quarter, compared to analysts’ expectations of $270.09 million. During the same quarter in the prior year, the firm earned ($1.94) EPS. Madison Square Garden’s revenue for the quarter was down 17.1% on a year-over-year basis.
Shares of Madison Square Garden stock opened at $261.44 on Friday. The stock has a market cap of $6.35 billion, a P/E ratio of 544.67 and a beta of 0.48. The stock’s 50 day simple moving average is $286.52 and its 200-day simple moving average is $293.32. Madison Square Garden has a 1-year low of $240.33 and a 1-year high of $317.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.07 and a quick ratio of 2.07.
Several research firms recently issued reports on MSG. Guggenheim set a $350.00 price objective on Madison Square Garden and gave the stock a “buy” rating in a report on Wednesday. ValuEngine upgraded Madison Square Garden from a “buy” rating to a “strong-buy” rating in a report on Friday, August 2nd. Imperial Capital lowered their price objective on Madison Square Garden from $377.00 to $362.00 and set an “outperform” rating on the stock in a report on Wednesday. Zacks Investment Research cut Madison Square Garden from a “buy” rating to a “hold” rating in a report on Tuesday, May 14th. Finally, Morgan Stanley lowered their price objective on Madison Square Garden from $340.00 to $320.00 and set an “equal weight” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $346.60.
About Madison Square Garden
The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.
Featured Story: Why do corrections happen?
Receive News & Ratings for Madison Square Garden Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Madison Square Garden and related companies with MarketBeat.com's FREE daily email newsletter.