Bank of New York Mellon Corp Sells 62,205 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Bank of New York Mellon Corp trimmed its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 43.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,598 shares of the company's stock after selling 62,205 shares during the period. Bank of New York Mellon Corp owned 0.23% of Sphere Entertainment worth $3,209,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. increased its holdings in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock valued at $67,000 after acquiring an additional 912 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Sphere Entertainment in the 3rd quarter valued at $187,000. ArrowMark Colorado Holdings LLC bought a new stake in Sphere Entertainment in the 3rd quarter valued at $219,000. Tidal Investments LLC bought a new stake in Sphere Entertainment in the 3rd quarter valued at $225,000. Finally, Captrust Financial Advisors bought a new stake in Sphere Entertainment in the 3rd quarter valued at $227,000. 92.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 25.08% of the stock is owned by corporate insiders.

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Sphere Entertainment Trading Down 0.5 %

Shares of SPHR stock traded down $0.18 during trading hours on Friday, reaching $32.05. 530,795 shares of the stock were exchanged, compared to its average volume of 728,651. Sphere Entertainment Co. has a 12-month low of $30.62 and a 12-month 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 company's 50-day moving average price is $41.56 and its 200-day moving average price is $41.74. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -3.05 and a beta of 1.39.

Wall Street Analyst Weigh In

SPHR has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective 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. Benchmark reissued a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $46.75.

Sphere Entertainment Company Profile

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.