Northern Trust Corp Raises Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Northern Trust Corp lifted its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 370,946 shares of the company's stock after acquiring an additional 20,613 shares during the quarter. Northern Trust Corp owned approximately 1.05% of Sphere Entertainment worth $14,957,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. US Bancorp DE grew its position in Sphere Entertainment by 3.8% during the fourth quarter. US Bancorp DE now owns 7,511 shares of the company's stock valued at $303,000 after buying an additional 276 shares during the period. Tower Research Capital LLC TRC grew its position in Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after buying an additional 681 shares during the period. Legal & General Group Plc grew its position in Sphere Entertainment by 2.8% during the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock valued at $1,076,000 after buying an additional 720 shares during the period. Commonwealth Equity Services LLC grew its position in Sphere Entertainment by 10.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company's stock valued at $299,000 after buying an additional 721 shares during the period. Finally, Sterling Capital Management LLC grew its position in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after buying an additional 760 shares during the period. Institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on SPHR. JPMorgan Chase & Co. dropped their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Benchmark reiterated a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research report on Monday. Susquehanna began coverage on shares of Sphere Entertainment in a research report on Monday, April 28th. They set a "positive" rating and a $37.00 target price for the company. Guggenheim increased their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the stock a "buy" rating in a research report on Friday, April 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $45.67.

Sphere Entertainment Price Performance

Shares of Sphere Entertainment stock traded down $0.82 on Wednesday, reaching $38.53. The stock had a trading volume of 30,921 shares, compared to its average volume of 808,761. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $50.88. The company has a market cap of $1.38 billion, a P/E ratio of -3.67 and a beta of 1.51. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The business's 50 day moving average is $30.52 and its two-hundred day moving average is $37.67.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.48) by $0.21. The firm had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company's revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.33) earnings per share. As a group, research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Insider Activity at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 25.08% of the stock is currently owned by insiders.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.