Norges Bank Takes $13.45 Million Position in MSG Entertainment (NYSE:MSGE)

Norges Bank acquired a new position in MSG Entertainment (NYSE:MSGE - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 377,934 shares of the company's stock, valued at approximately $13,454,000. Norges Bank owned 0.79% of MSG Entertainment at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. EntryPoint Capital LLC purchased a new stake in shares of MSG Entertainment during the fourth quarter valued at approximately $221,000. OFI Invest Asset Management purchased a new stake in MSG Entertainment during the 4th quarter worth $270,000. KLP Kapitalforvaltning AS acquired a new position in MSG Entertainment in the 4th quarter worth $289,000. Bleakley Financial Group LLC boosted its position in MSG Entertainment by 16.5% in the 4th quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company's stock valued at $296,000 after buying an additional 1,178 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of MSG Entertainment by 21.1% during the fourth quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company's stock valued at $328,000 after acquiring an additional 1,600 shares in the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at MSG Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the stock in a transaction 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 transaction, the insider now owns 6,015 shares in the company, valued at $186,224.40. This represents a 91.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 17.85% of the company's stock.

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Analyst Upgrades and Downgrades

Several research analysts have recently commented on MSGE shares. Wolfe Research upgraded MSG Entertainment from a "peer perform" rating to an "outperform" rating and set a $46.00 target price for the company in a research report on Tuesday, March 11th. Macquarie reiterated an "outperform" rating and set a $45.00 price objective on shares of MSG Entertainment in a research note on Monday, February 10th.

MSG Entertainment Price Performance

NYSE MSGE traded up $0.08 on Friday, reaching $30.42. 195,417 shares of the stock traded hands, compared to its average volume of 374,478. MSG Entertainment has a 12 month low of $28.29 and a 12 month high of $44.14. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 56.61. The firm's fifty day simple moving average is $33.73 and its 200 day simple moving average is $36.43. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 11.57, a P/E/G ratio of 5.09 and a beta of 0.22.

MSG Entertainment (NYSE:MSGE - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported $1.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.16 by ($0.60). MSG Entertainment had a negative return on equity of 323.63% and a net margin of 13.15%. As a group, research analysts predict that MSG Entertainment will post 1.04 EPS for the current fiscal year.

MSG Entertainment Company 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.