TCW Group Inc. Decreases Position in Sphere Entertainment Co. (NYSE:SPHR)

TCW Group Inc. trimmed its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 5.5% in the 4th quarter, Holdings Channel reports. The firm owned 11,510 shares of the company’s stock after selling 673 shares during the period. TCW Group Inc.’s holdings in Sphere Entertainment were worth $464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPHR. Blue Trust Inc. increased its stake in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after buying an additional 912 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Sphere Entertainment by 46.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after buying an additional 810 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sphere Entertainment during the third quarter worth about $187,000. Concurrent Investment Advisors LLC purchased a new position in Sphere Entertainment in the third quarter valued at approximately $216,000. Finally, Tidal Investments LLC purchased a new position in Sphere Entertainment in the 3rd quarter valued at $225,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $45.02 on Tuesday. The firm has a 50-day simple moving average of $43.12 and a 200-day simple moving average of $43.16. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -4.29 and a beta of 1.39. Sphere Entertainment Co. has a 52 week low of $32.10 and a 52 week high of $51.83. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Macquarie decreased their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Morgan Stanley cut their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Finally, Guggenheim dropped their target price on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $47.75.

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.