Ariel Investments LLC Increases Stake in MSG Entertainment (NYSE:MSGE)

Ariel Investments LLC boosted its holdings in shares of MSG Entertainment (NYSE:MSGE - Free Report) by 14.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 7,604,543 shares of the company's stock after acquiring an additional 964,657 shares during the period. MSG Entertainment accounts for 2.9% of Ariel Investments LLC's portfolio, making the stock its 2nd largest position. Ariel Investments LLC owned 15.82% of MSG Entertainment worth $270,722,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Exchange Traded Concepts LLC increased its stake in MSG Entertainment by 111.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company's stock valued at $1,063,000 after purchasing an additional 15,756 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of MSG Entertainment by 81.7% in the 4th quarter. Alliancebernstein L.P. now owns 413,042 shares of the company's stock valued at $14,704,000 after buying an additional 185,670 shares during the period. JPMorgan Chase & Co. increased its position in shares of MSG Entertainment by 77.5% in the 4th quarter. JPMorgan Chase & Co. now owns 139,742 shares of the company's stock valued at $4,975,000 after buying an additional 61,028 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in MSG Entertainment by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 339,977 shares of the company's stock worth $12,103,000 after buying an additional 5,677 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in MSG Entertainment by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 3,917,905 shares of the company's stock worth $139,477,000 after acquiring an additional 52,731 shares in the last quarter. Institutional investors own 96.86% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MSGE shares. Susquehanna initiated coverage on MSG Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $39.00 price objective on the stock. Macquarie reaffirmed an "outperform" rating and issued a $45.00 price target on shares of MSG Entertainment in a research note on Monday, February 10th. Finally, Wolfe Research raised shares of MSG Entertainment from a "peer perform" rating to an "outperform" rating and set a $46.00 price objective for the company in a research report on Tuesday, March 11th.

Insiders Place Their Bets

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the transaction, the insider now owns 6,015 shares of the company's stock, valued at $186,224.40. The trade was a 91.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 17.85% of the company's stock.

MSG Entertainment Stock Up 2.4 %

NYSE:MSGE opened at $33.51 on Friday. The stock has a 50-day simple moving average of $32.15 and a 200 day simple moving average of $35.39. MSG Entertainment has a 52-week low of $28.29 and a 52-week high of $44.14. The company has a market cap of $1.36 billion, a PE ratio of 12.74, a PEG ratio of 5.09 and a beta of 0.22. The company has a debt-to-equity ratio of 56.61, a quick ratio of 0.54 and a current ratio of 0.54.

MSG Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings results 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%. On average, sell-side analysts expect that MSG Entertainment will post 1.04 EPS for the current fiscal year.

MSG Entertainment 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.

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