Fernwood Investment Management LLC Cuts Stock Position in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Fernwood Investment Management LLC reduced its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 4.1% in the 4th quarter, Holdings Channel reports. The firm owned 9,300 shares of the company’s stock after selling 400 shares during the quarter. Fernwood Investment Management LLC’s holdings in Madison Square Garden Entertainment were worth $296,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in Madison Square Garden Entertainment in the 3rd quarter worth $1,084,000. Exchange Traded Concepts LLC acquired a new position in Madison Square Garden Entertainment during the 3rd quarter worth $449,000. Handelsbanken Fonder AB bought a new stake in shares of Madison Square Garden Entertainment in the 3rd quarter worth about $191,000. Commonwealth Equity Services LLC acquired a new stake in shares of Madison Square Garden Entertainment in the 3rd quarter valued at about $211,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Madison Square Garden Entertainment by 1,010.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 107,842 shares of the company’s stock worth $3,549,000 after purchasing an additional 98,130 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO James Lawrence Dolan sold 24,284 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $37.31, for a total transaction of $906,036.04. Following the sale, the chief executive officer now owns 360,242 shares of the company’s stock, valued at $13,440,629.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 190,080 shares of company stock valued at $7,221,633 over the last three months. Company insiders own 18.72% of the company’s stock.

Madison Square Garden Entertainment Stock Down 0.8 %

Shares of MSGE traded down $0.34 during mid-day trading on Tuesday, hitting $39.76. The stock had a trading volume of 14,017 shares, compared to its average volume of 465,556. Madison Square Garden Entertainment Corp. has a fifty-two week low of $27.55 and a fifty-two week high of $40.81. The company has a market cap of $1.63 billion and a PE ratio of 26.04. The company’s fifty day simple moving average is $38.53 and its two-hundred day simple moving average is $34.25.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Wednesday, February 7th. The company reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.69. Madison Square Garden Entertainment had a net margin of 8.03% and a negative return on equity of 94.05%. The firm had revenue of $402.67 million during the quarter, compared to the consensus estimate of $385.92 million. During the same quarter in the previous year, the company posted $1.95 earnings per share. The firm’s revenue was up 13.1% on a year-over-year basis. Equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.08 earnings per share for the current year.

Madison Square Garden Entertainment Profile

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.