Madison Square Garden (NYSE:MSG) Reaches New 52-Week Low at $171.70

Madison Square Garden Co (NYSE:MSG)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $171.70 and last traded at $177.22, with a volume of 201880 shares traded. The stock had previously closed at $171.31.

A number of research analysts have commented on the company. Morgan Stanley decreased their price target on Madison Square Garden from $320.00 to $305.00 and set an “equal weight” rating on the stock in a research note on Monday, April 13th. Imperial Capital increased their price objective on Madison Square Garden from $307.00 to $308.00 and gave the company an “outperform” rating in a research note on Wednesday, April 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $339.60.

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.62 and a quick ratio of 1.62. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of -166.32 and a beta of 0.87. The stock’s 50-day moving average is $185.96 and its 200 day moving average is $251.33.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Madison Square Garden by 2.1% during the 1st quarter. BlackRock Inc. now owns 1,119,092 shares of the company’s stock worth $236,587,000 after purchasing an additional 22,709 shares during the last quarter. Comerica Bank raised its position in shares of Madison Square Garden by 8.4% during the 1st quarter. Comerica Bank now owns 4,675 shares of the company’s stock worth $814,000 after purchasing an additional 362 shares during the last quarter. Fernwood Investment Management LLC raised its position in shares of Madison Square Garden by 25.1% during the 1st quarter. Fernwood Investment Management LLC now owns 3,240 shares of the company’s stock worth $685,000 after purchasing an additional 650 shares during the last quarter. Brinker Capital Inc. raised its position in shares of Madison Square Garden by 14.8% during the 1st quarter. Brinker Capital Inc. now owns 2,925 shares of the company’s stock worth $618,000 after purchasing an additional 377 shares during the last quarter. Finally, Institute for Wealth Management LLC. raised its position in shares of Madison Square Garden by 13.2% during the 1st quarter. Institute for Wealth Management LLC. now owns 4,213 shares of the company’s stock worth $891,000 after purchasing an additional 490 shares during the last quarter. Hedge funds and other institutional investors own 71.11% of the company’s stock.

About Madison Square Garden (NYSE:MSG)

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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