Northern Trust Corp Has $17.14 Million Holdings in Sphere Entertainment Co. $SPHR

Northern Trust Corp increased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 41.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 523,839 shares of the company’s stock after buying an additional 152,893 shares during the period. Northern Trust Corp owned 1.46% of Sphere Entertainment worth $17,140,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SPHR. Steadfast Capital Management LP increased its stake in Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after acquiring an additional 599,800 shares during the period. Deutsche Bank AG raised its stake in Sphere Entertainment by 292.8% in the first quarter. Deutsche Bank AG now owns 448,729 shares of the company’s stock valued at $14,682,000 after purchasing an additional 334,500 shares in the last quarter. Clearline Capital LP raised its stake in Sphere Entertainment by 108.1% in the fourth quarter. Clearline Capital LP now owns 264,055 shares of the company’s stock valued at $10,647,000 after purchasing an additional 137,150 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Sphere Entertainment by 1,350.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 143,845 shares of the company’s stock worth $5,800,000 after purchasing an additional 133,928 shares during the period. Finally, SG Americas Securities LLC grew its stake in Sphere Entertainment by 765.8% during the first quarter. SG Americas Securities LLC now owns 99,597 shares of the company’s stock worth $3,259,000 after buying an additional 88,093 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Trading Up 1.4%

Shares of SPHR stock opened at $45.92 on Wednesday. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $49.73. The stock’s fifty day simple moving average is $42.72 and its 200 day simple moving average is $37.42. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.64 billion, a P/E ratio of -8.63 and a beta of 1.74.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The firm had revenue of $282.68 million for the quarter, compared to analyst estimates of $280.23 million. During the same period last year, the firm posted ($2.00) earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on SPHR. Morgan Stanley boosted their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 12th. Guggenheim upped their target price on Sphere Entertainment from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. JPMorgan Chase & Co. raised their target price on Sphere Entertainment from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Wednesday, May 21st. Benchmark reissued a “sell” rating and set a $35.00 price target on shares of Sphere Entertainment in a report on Monday, May 19th. Finally, Craig Hallum assumed coverage on Sphere Entertainment in a research note on Monday, June 23rd. They issued a “buy” rating and a $75.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.50.

About Sphere Entertainment

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.