Madison Square Garden Target of Unusually High Options Trading (MSG)
Madison Square Garden Co (NYSE:MSG) saw unusually large options trading activity on Monday. Stock investors bought 719 put options on the company. This represents an increase of approximately 649% compared to the average volume of 96 put options.
Several equities analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Madison Square Garden from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 3rd. Imperial Capital restated a “buy” rating and issued a $383.00 target price on shares of Madison Square Garden in a report on Friday, March 29th. TheStreet lowered shares of Madison Square Garden from a “b-” rating to a “c+” rating in a report on Tuesday, March 26th. Finally, Morgan Stanley boosted their target price on shares of Madison Square Garden from $310.00 to $340.00 and gave the company an “equal weight” rating in a report on Thursday, April 25th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $352.83.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc raised its holdings in shares of Madison Square Garden by 5.2% during the third quarter. Vanguard Group Inc now owns 1,637,350 shares of the company’s stock valued at $516,290,000 after purchasing an additional 81,581 shares during the period. BlackRock Inc. raised its holdings in shares of Madison Square Garden by 4.2% during the first quarter. BlackRock Inc. now owns 964,050 shares of the company’s stock valued at $282,590,000 after purchasing an additional 38,682 shares during the period. Blue Harbour Group L.P. raised its holdings in shares of Madison Square Garden by 1.8% during the first quarter. Blue Harbour Group L.P. now owns 448,100 shares of the company’s stock valued at $131,352,000 after purchasing an additional 8,000 shares during the period. Westfield Capital Management Co. LP raised its holdings in shares of Madison Square Garden by 36.0% during the fourth quarter. Westfield Capital Management Co. LP now owns 327,899 shares of the company’s stock valued at $87,779,000 after purchasing an additional 86,764 shares during the period. Finally, Mason Capital Management LLC acquired a new position in shares of Madison Square Garden during the first quarter valued at about $94,096,000. Institutional investors and hedge funds own 73.22% of the company’s stock.
Madison Square Garden (NYSE:MSG) last released its earnings results on Wednesday, May 8th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.10. The business had revenue of $517.19 million for the quarter, compared to analyst estimates of $525.06 million. Madison Square Garden had a net margin of 2.29% and a return on equity of 1.48%. Madison Square Garden’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 earnings per share. Equities analysts anticipate that Madison Square Garden will post 1.25 earnings per share for the current fiscal year.
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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.
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