Ariel Investments LLC Raises Holdings in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Ariel Investments LLC increased its stake in Madison Square Garden Entertainment Corp. by 2.2% by purchasing an additional 170,830 shares, making the stock its third-largest holding.
• Despite a loss of $0.50 EPS in the most recent quarter, which was below analysts' estimates, the company reported revenue of $154.14 million, exceeding expectations.
• Research analysts have given Madison Square Garden Entertainment an average rating of "Moderate Buy" with a target price of $43.00, reflecting a mix of positive and cautious outlooks for the stock.

Ariel Investments LLC grew its position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 2.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,775,373 shares of the company's stock after acquiring an additional 170,830 shares during the quarter. Madison Square Garden Entertainment comprises approximately 3.0% of Ariel Investments LLC's holdings, making the stock its 3rd largest holding. Ariel Investments LLC owned 19.15% of Madison Square Garden Entertainment worth $254,566,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MSGE. Long Pond Capital LP purchased a new stake in Madison Square Garden Entertainment during the 1st quarter valued at $13,630,000. Northern Trust Corp raised its holdings in Madison Square Garden Entertainment by 30.0% during the 1st quarter. Northern Trust Corp now owns 670,883 shares of the company's stock valued at $21,965,000 after buying an additional 154,888 shares during the period. Nuveen LLC purchased a new stake in Madison Square Garden Entertainment during the 1st quarter valued at $5,055,000. Assenagon Asset Management S.A. raised its holdings in Madison Square Garden Entertainment by 14.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 982,405 shares of the company's stock valued at $32,164,000 after buying an additional 127,700 shares during the period. Finally, Trexquant Investment LP raised its holdings in Madison Square Garden Entertainment by 721.5% during the 1st quarter. Trexquant Investment LP now owns 127,895 shares of the company's stock valued at $4,187,000 after buying an additional 112,326 shares during the period. Hedge funds and other institutional investors own 96.86% of the company's stock.

Wall Street Analysts Forecast Growth

MSGE has been the topic of a number of recent analyst reports. Morgan Stanley increased their target price on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Wall Street Zen lowered Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $43.00.

Madison Square Garden Entertainment Stock Up 0.9%

Shares of MSGE traded up $0.37 during midday trading on Friday, reaching $40.84. 224,848 shares of the stock were exchanged, compared to its average volume of 374,610. Madison Square Garden Entertainment Corp. has a 52 week low of $28.29 and a 52 week high of $44.14. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 60.61. The company's 50 day moving average is $39.08 and its two-hundred day moving average is $36.16. The company has a market capitalization of $1.94 billion, a P/E ratio of 53.73 and a beta of 0.44.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%.The firm had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. During the same period in the previous year, the company posted $1.41 EPS. Madison Square Garden Entertainment's quarterly revenue was down 17.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Madison Square Garden 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.