Norges Bank Purchases New Position in MSG Entertainment (NYSE:MSGE)

Norges Bank purchased a new position in shares of MSG Entertainment (NYSE:MSGE) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 377,934 shares of the company’s stock, valued at approximately $13,454,000. Norges Bank owned approximately 0.79% of MSG Entertainment at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Exchange Traded Concepts LLC lifted its position in shares of MSG Entertainment by 111.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company’s stock valued at $1,063,000 after buying an additional 15,756 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in MSG Entertainment by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 339,977 shares of the company’s stock worth $12,103,000 after acquiring an additional 5,677 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in MSG Entertainment by 131.7% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 15,802 shares of the company’s stock valued at $563,000 after purchasing an additional 8,983 shares in the last quarter. HighTower Advisors LLC grew its position in shares of MSG Entertainment by 64.4% in the fourth quarter. HighTower Advisors LLC now owns 24,958 shares of the company’s stock valued at $889,000 after purchasing an additional 9,779 shares during the period. Finally, Swiss National Bank increased its stake in shares of MSG Entertainment by 0.9% during the fourth quarter. Swiss National Bank now owns 76,959 shares of the company’s stock worth $2,740,000 after purchasing an additional 700 shares in the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

MSG Entertainment Stock Performance

MSGE opened at $29.55 on Tuesday. MSG Entertainment has a twelve month low of $28.29 and a twelve month high of $44.14. The firm has a market capitalization of $1.21 billion, a PE ratio of 11.24, a PEG ratio of 5.09 and a beta of 0.22. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 56.61. The firm’s 50-day moving average price is $34.41 and its 200 day moving average price is $36.83.

MSG Entertainment (NYSE:MSGE) last issued 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 negative return on equity of 323.63% and a net margin of 13.15%. As a group, sell-side analysts expect that MSG Entertainment will post 1.04 EPS for the current fiscal year.

Insider Buying and Selling at MSG Entertainment

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.96, for a total value of $2,078,747.28. Following the transaction, the insider now directly owns 6,015 shares in the company, valued at $186,224.40. The trade was a 91.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 17.85% of the stock is owned by company insiders.

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.