Bank of New York Mellon Corp Reduces Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

Bank of New York Mellon Corp trimmed its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 43.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,598 shares of the company’s stock after selling 62,205 shares during the period. Bank of New York Mellon Corp’s holdings in Sphere Entertainment were worth $3,209,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Sphere Entertainment by 2.7% during the third quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock worth $39,921,000 after purchasing an additional 24,772 shares during the last quarter. State Street Corp lifted its position in Sphere Entertainment by 0.4% in the third quarter. State Street Corp now owns 896,795 shares of the company’s stock valued at $38,141,000 after purchasing an additional 3,463 shares during the period. Systematic Financial Management LP lifted its position in shares of Sphere Entertainment by 5.3% during the 3rd quarter. Systematic Financial Management LP now owns 891,493 shares of the company’s stock valued at $37,915,000 after acquiring an additional 45,261 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Sphere Entertainment by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock valued at $14,218,000 after acquiring an additional 5,575 shares during the period. Finally, Carnegie Investment Counsel lifted its position in shares of Sphere Entertainment by 35.1% during the 4th quarter. Carnegie Investment Counsel now owns 225,860 shares of the company’s stock valued at $9,107,000 after acquiring an additional 58,640 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Macquarie dropped their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Price Performance

NYSE SPHR opened at $32.31 on Thursday. Sphere Entertainment Co. has a 52 week low of $30.62 and a 52 week high of $50.88. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -3.08 and a beta of 1.39. The company has a 50-day moving average price of $41.94 and a two-hundred day moving average price of $41.93.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 25.08% of the company’s stock.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.