MSG Entertainment (NYSE:MSGE) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its position in MSG Entertainment (NYSE:MSGE) by 32.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 151,142 shares of the company’s stock after purchasing an additional 37,240 shares during the period. Bank of New York Mellon Corp’s holdings in MSG Entertainment were worth $5,381,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Bleakley Financial Group LLC increased 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. Handelsbanken Fonder AB lifted its stake in MSG Entertainment by 21.1% during the fourth quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company’s stock worth $328,000 after purchasing an additional 1,600 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in MSG Entertainment by 131.7% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 15,802 shares of the company’s stock worth $563,000 after purchasing an additional 8,983 shares during the period. Principal Financial Group Inc. raised its holdings in shares of 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 purchasing an additional 1,479 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in MSG Entertainment by 111.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company’s stock worth $1,063,000 after acquiring an additional 15,756 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

MSG Entertainment Stock Performance

Shares of MSGE opened at $32.03 on Tuesday. 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 firm’s 50 day moving average is $35.15 and its 200-day moving average is $37.65. MSG Entertainment has a 12-month low of $30.01 and a 12-month high of $44.14. The stock has a market capitalization of $1.31 billion, a P/E ratio of 12.18, a P/E/G ratio of 5.09 and a beta of 0.11.

MSG Entertainment (NYSE:MSGE) last released its quarterly earnings data 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 negative return on equity of 323.63% and a net margin of 13.15%. Equities research analysts anticipate that MSG Entertainment will post 1.04 EPS for the current fiscal year.

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 transaction of $2,078,747.28. Following the transaction, the insider now 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 hyperlink. Corporate insiders own 17.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MSGE shares. Macquarie reaffirmed an “outperform” rating and issued a $45.00 target price on shares of MSG Entertainment in a research report on Monday, February 10th. Wolfe Research raised shares of MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 target price on the stock in a research note on Tuesday, March 11th.

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.