Madison Square Garden Co (NYSE:MSG) Sees Significant Increase in Short Interest

Madison Square Garden Co (NYSE:MSG) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 941,500 shares, an increase of 11.3% from the August 30th total of 845,600 shares. Based on an average daily trading volume, of 214,000 shares, the days-to-cover ratio is currently 4.4 days. Approximately 5.7% of the company’s shares are sold short.

A number of research analysts have recently commented on the company. Guggenheim set a $350.00 target price on Madison Square Garden and gave the company a “buy” rating in a research note on Wednesday, August 21st. Morgan Stanley cut their target price on Madison Square Garden from $340.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 22nd. Imperial Capital cut their target price on Madison Square Garden from $377.00 to $362.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 21st. Finally, ValuEngine raised Madison Square Garden from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $346.60.

A number of large investors have recently made changes to their positions in the stock. Griffin Asset Management Inc. grew its stake in Madison Square Garden by 0.9% in the second quarter. Griffin Asset Management Inc. now owns 5,900 shares of the company’s stock worth $1,652,000 after purchasing an additional 50 shares in the last quarter. Institute for Wealth Management LLC. grew its stake in Madison Square Garden by 1.4% in the second quarter. Institute for Wealth Management LLC. now owns 3,834 shares of the company’s stock worth $1,073,000 after purchasing an additional 54 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in Madison Square Garden by 0.6% in the second quarter. Treasurer of the State of North Carolina now owns 8,972 shares of the company’s stock worth $2,512,000 after purchasing an additional 56 shares in the last quarter. Private Advisors LLC grew its stake in Madison Square Garden by 1.1% in the first quarter. Private Advisors LLC now owns 5,616 shares of the company’s stock worth $1,646,000 after purchasing an additional 59 shares in the last quarter. Finally, FMR LLC grew its stake in Madison Square Garden by 8.1% in the first quarter. FMR LLC now owns 1,024 shares of the company’s stock worth $300,000 after purchasing an additional 77 shares in the last quarter. 72.57% of the stock is currently owned by institutional investors.

Shares of MSG traded up $0.54 during mid-day trading on Wednesday, reaching $265.59. 95,200 shares of the company’s stock traded hands, compared to its average volume of 187,546. The stock has a market cap of $6.31 billion, a P/E ratio of 553.31 and a beta of 0.55. The stock’s 50-day moving average is $261.33 and its two-hundred day moving average is $285.08. Madison Square Garden has a 12 month low of $240.33 and a 12 month high of $315.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.86 and a quick ratio of 1.86.

Madison Square Garden (NYSE:MSG) last announced its quarterly earnings data on Tuesday, August 20th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.34) by ($0.74). Madison Square Garden had a return on equity of 0.43% and a net margin of 0.70%. The firm had revenue of $263.56 million during the quarter, compared to the consensus estimate of $270.09 million. During the same period last year, the company earned ($1.94) EPS. The firm’s revenue for the quarter was down 17.1% compared to the same quarter last year. Research analysts predict that Madison Square Garden will post 0.55 earnings per share for the current year.

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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