Fox Run Management L.L.C. Acquires New Shares in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Fox Run Management L.L.C. has made a new investment in Madison Square Garden Entertainment Corp. by purchasing 8,865 shares valued at approximately $290,000 during the first quarter.
• Several institutional investors, including Ariel Investments LLC and Jericho Capital Asset Management L.P., have increased their holdings in the company, indicating strong interest among major investors.
• Madison Square Garden Entertainment reported a loss of $0.50 per share for the last quarter, missing analysts' expectations, with revenue down by 17.2% compared to the previous year.

Fox Run Management L.L.C. purchased a new position in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,865 shares of the company's stock, valued at approximately $290,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in Madison Square Garden Entertainment in the first quarter worth approximately $5,055,000. US Bancorp DE grew its position in Madison Square Garden Entertainment by 2,273.6% in the first quarter. US Bancorp DE now owns 3,869 shares of the company's stock worth $127,000 after buying an additional 3,706 shares during the last quarter. XTX Topco Ltd acquired a new position in Madison Square Garden Entertainment in the first quarter worth approximately $1,214,000. Corton Capital Inc. acquired a new position in Madison Square Garden Entertainment in the first quarter worth approximately $218,000. Finally, Pinnacle Associates Ltd. grew its position in Madison Square Garden Entertainment by 3.2% in the first quarter. Pinnacle Associates Ltd. now owns 12,836 shares of the company's stock worth $420,000 after buying an additional 398 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MSGE. Morgan Stanley raised their price objective on shares of 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. Susquehanna began coverage on shares of Madison Square Garden Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $39.00 price objective for the company. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, The Goldman Sachs Group raised their price objective on shares of Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Stock Up 4.3%

Shares of NYSE:MSGE traded up $1.6170 during trading on Friday, reaching $39.2770. 313,502 shares of the company traded hands, compared to its average volume of 339,375. The firm has a fifty day simple moving average of $38.81 and a 200 day simple moving average of $35.97. The firm has a market cap of $1.86 billion, a P/E ratio of 51.68 and a beta of 0.44. Madison Square Garden Entertainment Corp. has a 1-year low of $28.29 and a 1-year high of $44.14. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 60.61.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its 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). The company had revenue of $154.14 million for the quarter, compared to analyst estimates of $151.17 million. Madison Square Garden Entertainment had a net margin of 3.97% and a negative return on equity of 458.14%. The company's quarterly revenue was down 17.2% on a year-over-year basis. During the same period last year, the business earned $1.41 EPS. Analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal 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.