HighTower Advisors LLC Acquires 9,779 Shares of MSG Entertainment (NYSE:MSGE)

HighTower Advisors LLC increased its holdings in MSG Entertainment (NYSE:MSGE) by 64.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 24,958 shares of the company’s stock after buying an additional 9,779 shares during the quarter. HighTower Advisors LLC’s holdings in MSG Entertainment were worth $889,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC acquired a new position in shares of MSG Entertainment in the 4th quarter worth approximately $471,000. OFI Invest Asset Management bought a new stake in MSG Entertainment in the fourth quarter valued at $270,000. Victory Capital Management Inc. raised its stake in MSG Entertainment by 18.8% during the fourth quarter. Victory Capital Management Inc. now owns 20,797 shares of the company’s stock worth $740,000 after acquiring an additional 3,294 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of MSG Entertainment by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 339,977 shares of the company’s stock valued at $12,103,000 after acquiring an additional 5,677 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of MSG Entertainment by 32.7% in the 4th quarter. Bank of New York Mellon Corp now owns 151,142 shares of the company’s stock valued at $5,381,000 after purchasing an additional 37,240 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

Analyst Ratings Changes

MSGE has been the subject of several analyst reports. Macquarie reissued an “outperform” rating and set a $45.00 price target on shares of MSG Entertainment in a 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 price objective for the company in a report on Tuesday, March 11th.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of MSG Entertainment stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the completion of the sale, the insider now owns 6,015 shares in the company, valued at $186,224.40. The trade was a 91.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 17.85% of the company’s stock.

MSG Entertainment Price Performance

Shares of MSGE stock opened at $33.95 on Friday. MSG Entertainment has a 52 week low of $30.01 and a 52 week high of $44.14. The stock has a market capitalization of $1.39 billion, a PE ratio of 12.91, a PEG ratio of 5.09 and a beta of 0.11. The company has a debt-to-equity ratio of 56.61, a quick ratio of 0.54 and a current ratio of 0.54. The stock’s fifty day moving average is $34.97 and its 200-day moving average is $37.28.

MSG Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Thursday, February 6th. The company reported $1.56 earnings per share (EPS) 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 expect that MSG Entertainment will post 1.04 EPS for the current fiscal year.

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.