Madison Square Garden (NYSE:MSG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Shares of Madison Square have underperformed the industry in the past three months. Earnings estimates for current quarter and year have witnessed sharp downward revisions in the past 60 days. Moreover, intense competition in the sports business and subsequent sluggish performance by Knicks remain concerns. Given the underperforming sports business segment, Madison Square has recently contemplated the spin-off of its sports business from the entertainment segment. However, Madison Square continues to benefit from ongoing efforts to reinstate growth through multi-night and multi-marketing agents. Moreover, continual partnerships to expand its footprint bode well. It not only has a strong brand presence but its entertainment business also continues to grow on innovative venues and overall positive scenario in the concert market.”

A number of other equities analysts have also commented on the stock. Guggenheim lifted their price target on shares of Madison Square Garden to $350.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Imperial Capital assumed coverage on shares of Madison Square Garden in a report on Tuesday, August 21st. They issued an “outperform” rating and a $372.00 target price on the stock. Morgan Stanley boosted their target price on shares of Madison Square Garden from $260.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, August 1st. Macquarie upgraded shares of Madison Square Garden from a “neutral” rating to an “outperform” rating in a report on Friday, June 29th. Finally, ValuEngine upgraded shares of Madison Square Garden from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 28th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $322.17.

Shares of NYSE:MSG traded down $7.53 during mid-day trading on Wednesday, reaching $291.42. 7,531 shares of the company’s stock were exchanged, compared to its average volume of 211,373. The firm has a market cap of $7.46 billion, a PE ratio of 49.06, a price-to-earnings-growth ratio of 17.34 and a beta of 0.36. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.85 and a current ratio of 1.85. Madison Square Garden has a twelve month low of $205.22 and a twelve month high of $330.00.

Madison Square Garden (NYSE:MSG) last issued its quarterly earnings results on Thursday, August 16th. The company reported ($1.94) EPS for the quarter, topping analysts’ consensus estimates of ($2.00) by $0.06. The company had revenue of $318.00 million for the quarter, compared to analyst estimates of $293.32 million. Madison Square Garden had a net margin of 9.08% and a return on equity of 1.10%. Madison Square Garden’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($3.58) earnings per share. Sell-side analysts forecast that Madison Square Garden will post 0.71 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Madison Square Garden by 3.1% in the second quarter. BlackRock Inc. now owns 837,230 shares of the company’s stock valued at $259,701,000 after purchasing an additional 24,807 shares in the last quarter. Renaissance Technologies LLC increased its stake in Madison Square Garden by 13.2% in the second quarter. Renaissance Technologies LLC now owns 436,199 shares of the company’s stock valued at $135,305,000 after purchasing an additional 50,999 shares in the last quarter. Janus Henderson Group PLC increased its stake in Madison Square Garden by 0.8% in the second quarter. Janus Henderson Group PLC now owns 320,744 shares of the company’s stock valued at $99,492,000 after purchasing an additional 2,440 shares in the last quarter. Millennium Management LLC increased its stake in Madison Square Garden by 15.9% in the second quarter. Millennium Management LLC now owns 253,107 shares of the company’s stock valued at $78,511,000 after purchasing an additional 34,738 shares in the last quarter. Finally, Partner Fund Management L.P. bought a new stake in Madison Square Garden in the second quarter valued at $48,929,000. Institutional investors and hedge funds own 70.42% of the company’s stock.

Madison Square Garden Company Profile

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.

Recommended Story: Discount Rate

Get a free copy of the Zacks research report on Madison Square Garden (MSG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Madison Square Garden (NYSE:MSG)

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.