Bornite Capital Management LP Cuts Stock Position in Live Nation Entertainment, Inc. $LYV

Bornite Capital Management LP decreased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 50.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 100,000 shares of the company’s stock after selling 100,000 shares during the period. Live Nation Entertainment accounts for about 1.5% of Bornite Capital Management LP’s holdings, making the stock its 26th biggest holding. Bornite Capital Management LP’s holdings in Live Nation Entertainment were worth $16,340,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LYV. Clearstead Trust LLC grew its position in shares of Live Nation Entertainment by 469.0% in the second quarter. Clearstead Trust LLC now owns 165 shares of the company’s stock valued at $25,000 after purchasing an additional 136 shares during the period. Atwood & Palmer Inc. purchased a new position in Live Nation Entertainment in the 3rd quarter valued at about $33,000. Heartwood Wealth Advisors LLC acquired a new stake in Live Nation Entertainment in the 3rd quarter worth about $34,000. Measured Risk Portfolios Inc. acquired a new position in shares of Live Nation Entertainment during the third quarter valued at approximately $37,000. Finally, Root Financial Partners LLC purchased a new position in shares of Live Nation Entertainment in the third quarter valued at approximately $37,000. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Analyst Ratings Changes

LYV has been the subject of several recent research reports. Guggenheim reduced their price objective on Live Nation Entertainment from $172.00 to $168.00 and set a “buy” rating for the company in a research note on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Live Nation Entertainment from $173.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Rothschild & Co Redburn lowered their price target on shares of Live Nation Entertainment from $170.00 to $166.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. Roth Mkm set a $174.00 price objective on shares of Live Nation Entertainment in a report on Thursday, February 12th. Finally, Morgan Stanley lowered their target price on Live Nation Entertainment from $180.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Seventeen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Live Nation Entertainment currently has an average rating of “Moderate Buy” and an average target price of $172.45.

Live Nation Entertainment Stock Down 0.5%

Shares of NYSE LYV opened at $156.82 on Thursday. The company has a market capitalization of $36.81 billion, a P/E ratio of 113.64, a P/E/G ratio of 10.61 and a beta of 1.18. The company has a debt-to-equity ratio of 5.41, a current ratio of 0.92 and a quick ratio of 0.92. The company has a 50 day simple moving average of $145.41 and a 200-day simple moving average of $150.13. Live Nation Entertainment, Inc. has a 1 year low of $112.88 and a 1 year high of $175.25.

Live Nation Entertainment Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.