Zacks Investment Management Cuts Position in MSG Entertainment (NYSE:MSGE)

Zacks Investment Management lowered its position in shares of MSG Entertainment (NYSE:MSGE - Free Report) by 17.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 92,373 shares of the company's stock after selling 19,314 shares during the quarter. Zacks Investment Management owned about 0.19% of MSG Entertainment worth $3,288,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its holdings 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 during the last quarter. Bleakley Financial Group LLC boosted its stake in shares of MSG Entertainment by 16.5% in the fourth quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company's stock worth $296,000 after buying an additional 1,178 shares during the last quarter. Principal Financial Group Inc. grew its holdings in MSG Entertainment by 8.0% during the fourth quarter. Principal Financial Group Inc. now owns 20,011 shares of the company's stock worth $712,000 after acquiring an additional 1,479 shares during the period. New York State Common Retirement Fund raised its position in MSG Entertainment by 0.6% during the fourth quarter. New York State Common Retirement Fund now owns 472,232 shares of the company's stock valued at $16,811,000 after acquiring an additional 2,971 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in MSG Entertainment by 21.1% in the fourth quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company's stock valued at $328,000 after acquiring an additional 1,600 shares during the period. Hedge funds and other institutional investors own 96.86% of the company's stock.

Insiders Place Their Bets

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of MSG Entertainment stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.96, for a total value of $2,078,747.28. Following the completion of the transaction, the insider now directly 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 legal filing with the SEC, which is available through this link. 17.85% of the stock is owned by insiders.

Analyst Ratings Changes

MSGE has been the topic of a number of analyst reports. Macquarie reaffirmed an "outperform" rating and set a $45.00 price objective on shares of MSG Entertainment in a research note on Monday, February 10th. Wolfe Research upgraded shares of MSG Entertainment from a "peer perform" rating to an "outperform" rating and set a $46.00 price target on the stock in a research report on Tuesday, March 11th.

MSG Entertainment Price Performance

NYSE MSGE traded up $0.87 on Wednesday, hitting $31.39. The company had a trading volume of 54,729 shares, compared to its average volume of 370,757. The company has a debt-to-equity ratio of 56.61, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $1.29 billion, a PE ratio of 11.94, a PEG 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. The company's fifty day moving average price is $32.79 and its 200-day moving average price is $35.88.

MSG Entertainment (NYSE:MSGE - Get Free Report) last released its 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 net margin of 13.15% and a negative return on equity of 323.63%. As a group, analysts predict that MSG Entertainment will post 1.04 earnings per share for the current 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.