MSG moves on asset sales, putting WNBA franchise on the block

Marco Green
November 14, 2017

The company reported ($1.19) earnings per share for the quarter, missing the Zacks' consensus estimate of ($1.15) by $0.04. If you are accessing this piece on another site, it was illegally stolen and republished in violation of United States and global trademark and copyright laws. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company.

The Madison Square Garden Company (NYSE:MSG) announced its quarterly earnings results on Friday, November 3rd.

COPYRIGHT VIOLATION WARNING: "The Madison Square Garden Company (MSG) Receives "Hold" Rating from Jefferies Group LLC" was first posted by Week Herald and is the sole property of of Week Herald. The average 1-year price objective among brokerages that have covered the stock in the last year is $201.55. The company had revenue of $245.04 million for the quarter, compared to analysts' expectations of $237.06 million.

Madison Square Garden's stock has soared with the valuation of the Knicks as other National Basketball Association teams such as the Houston Rockets have changed hands in multibillion-dollar deals. 1st Global Advisors Inc. now owns 3,198 shares of the company's stock valued at $552,000 after buying an additional 49 shares in the last quarter. During the same quarter in the previous year, the company earned ($1.19) earnings per share.

One of the WNBA's original franchises, the Liberty have been owned by James Dolan and Madison Square Garden since the league was founded in 1996 and started play the next year. If you are viewing this report on another publication, it was illegally stolen and reposted in violation of worldwide copyright legislation. The company presents or hosts a broad array of premier events in its diverse collection of iconic venues: New York's Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA; The Chicago Theatre; and the Wang Theatre in Boston. The stock was bought at an average price of $182.96 per share, with a total value of $2,918,943.84. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in The Madison Square Garden by 8.9% in the 2nd quarter. The Manufacturers Life Insurance Company increased its holdings in The Madison Square Garden Company (NYSE:MSG) by 5.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The correct version of this report can be viewed at https://weekherald.com/2017/11/12/jefferies-group-llc-reaffirms-hold-rating-for-the-madison-square-garden-company-msg.html. Maverick Capital Ltd. purchased a new stake in shares of The Madison Square Garden in the 2nd quarter worth about $176,000. Institutional investors own 68.03% of the company's stock.

The controlling Dolan family split MSG from MSG Networks more than two years ago, and in July, 2015, hired O'Connor to run MSG, given his relationships with artists and the company's focus on live sports and entertainment.

If the Liberty stay in NY and are not purchased by any NBA-affiliated owner, that will increase the number of so-called independent WNBA franchises to nine of 12.

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER