Bornite Capital Management LP Acquires New Position in Live Nation Entertainment, Inc. $LYV

Bornite Capital Management LP bought a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) during the second quarter, HoldingsChannel.com reports. The firm bought 200,000 shares of the company’s stock, valued at approximately $30,256,000. Live Nation Entertainment makes up approximately 3.0% of Bornite Capital Management LP’s holdings, making the stock its 22nd largest holding.

Several other institutional investors have also modified their holdings of LYV. N.E.W. Advisory Services LLC acquired a new stake in shares of Live Nation Entertainment in the first quarter valued at $42,000. GW&K Investment Management LLC raised its position in Live Nation Entertainment by 690.2% in the 1st quarter. GW&K Investment Management LLC now owns 324 shares of the company’s stock valued at $42,000 after purchasing an additional 283 shares in the last quarter. TD Private Client Wealth LLC purchased a new position in shares of Live Nation Entertainment in the 2nd quarter valued at about $62,000. Brooklyn Investment Group boosted its stake in shares of Live Nation Entertainment by 95.3% in the 1st quarter. Brooklyn Investment Group now owns 617 shares of the company’s stock valued at $81,000 after buying an additional 301 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Live Nation Entertainment by 24.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 636 shares of the company’s stock worth $96,000 after buying an additional 125 shares during the period. Institutional investors and hedge funds own 74.52% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Evercore ISI decreased their price target on shares of Live Nation Entertainment from $180.00 to $168.00 and set an “outperform” rating for the company in a research note on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Live Nation Entertainment from $175.00 to $173.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd. Roth Capital dropped their target price on Live Nation Entertainment from $180.00 to $176.00 and set a “buy” rating on the stock in a report on Wednesday. Rothschild & Co Redburn downgraded Live Nation Entertainment from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $144.00 to $170.00 in a report on Tuesday, September 16th. Finally, Moffett Nathanson began coverage on Live Nation Entertainment in a research report on Monday, August 18th. They set a “buy” rating and a $195.00 price objective for the company. Nineteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $173.35.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $140.59 on Friday. The company has a fifty day moving average of $158.25 and a two-hundred day moving average of $151.11. The company has a market capitalization of $32.97 billion, a PE ratio of 60.86, a P/E/G ratio of 12.85 and a beta of 1.37. Live Nation Entertainment, Inc. has a 1 year low of $112.88 and a 1 year high of $175.25. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.88 and a quick ratio of 0.88.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Tuesday, November 4th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $1.54 by ($0.81). The firm had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.87 billion. Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.66 earnings per share. As a group, analysts expect that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.