Stock Traders Purchase High Volume of Put Options on Madison Square Garden (NYSE:MSG)

Madison Square Garden Co (NYSE:MSG) was the recipient of unusually large options trading activity on Thursday. Investors purchased 1,170 put options on the company. This is an increase of 983% compared to the average volume of 108 put options.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Griffin Asset Management Inc. boosted its holdings in Madison Square Garden by 0.9% in the 2nd quarter. Griffin Asset Management Inc. now owns 5,900 shares of the company’s stock worth $1,652,000 after acquiring an additional 50 shares during the period. AdvisorNet Financial Inc purchased a new position in Madison Square Garden in the 2nd quarter worth approximately $30,000. Point72 Hong Kong Ltd purchased a new position in Madison Square Garden in the 2nd quarter worth approximately $309,000. BlackRock Inc. boosted its holdings in Madison Square Garden by 8.4% in the 2nd quarter. BlackRock Inc. now owns 1,044,764 shares of the company’s stock worth $292,473,000 after acquiring an additional 80,714 shares during the period. Finally, BB&T Securities LLC purchased a new position in Madison Square Garden in the 2nd quarter worth approximately $256,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Several research firms have issued reports on MSG. Imperial Capital decreased their price objective on shares of Madison Square Garden from $377.00 to $362.00 and set an “outperform” rating on the stock in a report on Wednesday, August 21st. Morgan Stanley decreased their price objective on shares of Madison Square Garden from $340.00 to $320.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Guggenheim set a $350.00 price objective on shares of Madison Square Garden and gave the company a “buy” rating in a report on Wednesday, August 21st. Finally, ValuEngine raised shares of Madison Square Garden from a “buy” rating to a “strong-buy” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $346.60.

Shares of NYSE MSG traded up $1.04 on Friday, reaching $264.59. 99,925 shares of the company traded hands, compared to its average volume of 185,191. The company has a 50 day moving average of $260.46 and a 200 day moving average of $285.65. The stock has a market capitalization of $6.24 billion, a PE ratio of 551.23 and a beta of 0.55. Madison Square Garden has a fifty-two week low of $240.33 and a fifty-two week high of $315.95. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.02.

Madison Square Garden (NYSE:MSG) last posted its earnings results on Tuesday, August 20th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($2.34) by ($0.74). The business had revenue of $263.56 million for the quarter, compared to analyst estimates of $270.09 million. Madison Square Garden had a return on equity of 0.43% and a net margin of 0.70%. The firm’s revenue for the quarter was down 17.1% compared to the same quarter last year. During the same period last year, the company posted ($1.94) EPS. As a group, research analysts expect that Madison Square Garden will post 0.55 earnings per share for the current year.

Madison Square Garden Company Profile

The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.

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