Freestone Grove Partners LP Makes New $233,000 Investment in MSG Entertainment (NYSE:MSGE)

Freestone Grove Partners LP purchased a new stake in MSG Entertainment (NYSE:MSGE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,552 shares of the company’s stock, valued at approximately $233,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MSGE. Voleon Capital Management LP acquired a new stake in shares of MSG Entertainment during the 4th quarter worth approximately $1,798,000. Jericho Capital Asset Management L.P. boosted its holdings in shares of MSG Entertainment by 10.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 2,733,724 shares of the company’s stock valued at $97,321,000 after purchasing an additional 268,000 shares in the last quarter. Northern Trust Corp increased its stake in shares of MSG Entertainment by 9.8% in the 4th quarter. Northern Trust Corp now owns 515,995 shares of the company’s stock valued at $18,369,000 after purchasing an additional 45,875 shares during the last quarter. Dendur Capital LP acquired a new position in shares of MSG Entertainment during the 4th quarter worth $5,256,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of MSG Entertainment by 9.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,373 shares of the company’s stock worth $1,153,000 after buying an additional 2,830 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the firm’s 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 transaction, the insider now owns 6,015 shares in the company, valued at approximately $186,224.40. This trade represents a 91.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 17.85% of the company’s stock.

MSG Entertainment Stock Up 1.7 %

Shares of NYSE MSGE opened at $34.11 on Tuesday. The company has a 50 day simple moving average of $32.15 and a 200 day simple moving average of $35.21. The company has a debt-to-equity ratio of 56.61, a current ratio of 0.54 and a quick ratio of 0.54. MSG Entertainment has a 1 year low of $28.29 and a 1 year high of $44.14. The firm has a market cap of $1.38 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 5.09 and a beta of 0.22.

MSG Entertainment (NYSE:MSGE) last released 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 net margin of 13.15% and a negative return on equity of 323.63%. On average, research analysts forecast that MSG Entertainment will post 1.04 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on MSGE. Macquarie reissued an “outperform” rating and set a $45.00 target price on shares of MSG Entertainment in a research note 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 research note on Tuesday, March 11th. Finally, Susquehanna assumed coverage on shares of MSG Entertainment in a research note on Monday, April 28th. They set a “positive” rating and a $39.00 target price on the stock.

About MSG Entertainment

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.