MSG Entertainment (NYSE:MSGE) is Ariel Investments LLC's 2nd Largest Position

Ariel Investments LLC increased its holdings in MSG Entertainment (NYSE:MSGE - Free Report) by 14.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 7,604,543 shares of the company's stock after buying an additional 964,657 shares during the quarter. MSG Entertainment comprises approximately 2.9% of Ariel Investments LLC's portfolio, making the stock its 2nd biggest position. Ariel Investments LLC owned about 15.82% of MSG Entertainment worth $270,722,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in MSG Entertainment during the fourth quarter valued at approximately $13,454,000. Jericho Capital Asset Management L.P. grew its position in shares of MSG Entertainment by 10.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 2,733,724 shares of the company's stock valued at $97,321,000 after acquiring an additional 268,000 shares during the period. Alliancebernstein L.P. grew its position in shares of MSG Entertainment by 81.7% during the 4th quarter. Alliancebernstein L.P. now owns 413,042 shares of the company's stock valued at $14,704,000 after acquiring an additional 185,670 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of MSG Entertainment by 108.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 350,829 shares of the company's stock worth $12,490,000 after purchasing an additional 182,478 shares in the last quarter. Finally, Dendur Capital LP purchased a new position in shares of MSG Entertainment during the 4th quarter valued at about $5,256,000. Institutional investors own 96.86% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on MSGE. The Goldman Sachs Group increased their target price on MSG Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a research report on Wednesday. Wolfe Research raised shares of MSG Entertainment from a "peer perform" rating to an "outperform" rating and set a $46.00 target price on the stock in a report on Tuesday, March 11th. Macquarie reaffirmed an "outperform" rating and set a $45.00 target price on shares of MSG Entertainment in a research note on Monday, February 10th. Finally, Susquehanna assumed coverage on shares of MSG Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $39.00 price target on the stock.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the transaction, the insider now directly owns 6,015 shares in the company, valued at approximately $186,224.40. This represents a 91.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.85% of the company's stock.

MSG Entertainment Price Performance

MSGE traded down $0.34 during trading hours on Thursday, hitting $36.00. The company's stock had a trading volume of 82,221 shares, compared to its average volume of 363,434. The business's 50-day moving average price is $32.22 and its 200-day moving average price is $35.22. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 56.61. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 5.09 and a beta of 0.22. MSG Entertainment has a 12 month low of $28.29 and a 12 month high of $44.14.

MSG Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.56 earnings per share for the quarter, missing the consensus estimate of $2.16 by ($0.60). MSG Entertainment had a negative return on equity of 323.63% and a net margin of 13.15%. Sell-side analysts expect that MSG Entertainment will post 1.04 earnings per share for the current fiscal year.

MSG Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.