The Madison Square Garden Company (NYSE:MSG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors 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. “

A number of other analysts have also recently commented on the company. Citigroup Inc. lowered their price target on The Madison Square Garden from $102.00 to $93.00 and set a “buy” rating for the company in a research report on Monday, May 15th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $245.00 price target on shares of The Madison Square Garden in a research report on Thursday, April 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $185.00 price target on shares of The Madison Square Garden in a research report on Friday, May 5th. Bank of America Corporation initiated coverage on The Madison Square Garden in a report on Tuesday, May 2nd. They issued a “buy” rating and a $243.00 price objective for the company. Finally, ValuEngine raised The Madison Square Garden from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $195.90.

The Madison Square Garden (NYSE MSG) opened at 198.25 on Tuesday. The company’s market capitalization is $4.67 billion. The stock’s 50 day moving average price is $196.91 and its 200-day moving average price is $188.74. The Madison Square Garden has a one year low of $160.96 and a one year high of $206.60.

The Madison Square Garden (NYSE:MSG) last issued its quarterly earnings results on Thursday, May 4th. The company reported ($0.74) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.41) by $0.33. The Madison Square Garden had a negative return on equity of 1.57% and a negative net margin of 3.81%. The firm had revenue of $386 million for the quarter, compared to analyst estimates of $365.57 million. During the same period in the prior year, the firm posted ($2.47) EPS. The business’s revenue was up 14.8% compared to the same quarter last year. Equities analysts forecast that The Madison Square Garden will post ($0.72) EPS for the current year.

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Several institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its stake in The Madison Square Garden by 1.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 25,276 shares of the company’s stock valued at $5,048,000 after buying an additional 358 shares during the period. ING Groep NV purchased a new stake in The Madison Square Garden during the first quarter valued at approximately $8,133,000. Russell Investments Group Ltd. raised its stake in The Madison Square Garden by 70.0% in the first quarter. Russell Investments Group Ltd. now owns 68,635 shares of the company’s stock valued at $13,705,000 after buying an additional 28,273 shares during the period. Greystone Investment Management LLC raised its stake in The Madison Square Garden by 17.0% in the first quarter. Greystone Investment Management LLC now owns 22,601 shares of the company’s stock valued at $4,514,000 after buying an additional 3,286 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in The Madison Square Garden by 11.1% in the first quarter. Janney Montgomery Scott LLC now owns 1,666 shares of the company’s stock valued at $333,000 after buying an additional 166 shares during the period. Hedge funds and other institutional investors own 84.80% 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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Analyst Recommendations for The Madison Square Garden (NYSE:MSG)

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