Park Avenue Securities LLC reduced its holdings in shares of The Madison Square Garden Company (NYSE:MSGS – Free Report) by 68.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,902 shares of the company’s stock after selling 6,337 shares during the quarter. Park Avenue Securities LLC’s holdings in Madison Square Garden were worth $1,176,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Renaissance Technologies LLC raised its stake in Madison Square Garden by 45.9% in the 1st quarter. Renaissance Technologies LLC now owns 172,000 shares of the company’s stock valued at $55,281,000 after acquiring an additional 54,100 shares during the period. Southpoint Capital Advisors LP lifted its holdings in Madison Square Garden by 3.3% during the 1st quarter. Southpoint Capital Advisors LP now owns 155,000 shares of the company’s stock valued at $49,817,000 after purchasing an additional 5,000 shares during the last quarter. Quantinno Capital Management LP boosted its position in Madison Square Garden by 76.5% during the first quarter. Quantinno Capital Management LP now owns 104,312 shares of the company’s stock worth $33,526,000 after purchasing an additional 45,223 shares during the period. Principal Financial Group Inc. boosted its position in Madison Square Garden by 2.1% during the first quarter. Principal Financial Group Inc. now owns 87,058 shares of the company’s stock worth $27,980,000 after purchasing an additional 1,755 shares during the period. Finally, Pinnacle Associates Ltd. increased its holdings in shares of Madison Square Garden by 2.6% in the third quarter. Pinnacle Associates Ltd. now owns 86,215 shares of the company’s stock valued at $34,935,000 after purchasing an additional 2,177 shares during the last quarter. 68.94% of the stock is owned by institutional investors and hedge funds.
Madison Square Garden Stock Performance
MSGS opened at $387.25 on Tuesday. The stock has a fifty day moving average of $397.37 and a 200-day moving average of $359.29. The company has a market capitalization of $9.32 billion, a P/E ratio of 1,290.87 and a beta of 0.62. The Madison Square Garden Company has a fifty-two week low of $207.90 and a fifty-two week high of $438.93.
Madison Square Garden (NYSE:MSGS – Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.52. Madison Square Garden had a net margin of 0.67% and a negative return on equity of 3.47%. The firm had revenue of $278.75 million for the quarter, compared to analyst estimates of $227.67 million. During the same quarter in the prior year, the business posted ($0.07) EPS. The business’s revenue was up 36.6% compared to the same quarter last year. On average, equities research analysts predict that The Madison Square Garden Company will post -1.13 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
MSGS has been the topic of several research analyst reports. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Friday, August 14th. Weiss Ratings raised shares of Madison Square Garden from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 14th. Wall Street Zen raised shares of Madison Square Garden from a “sell” rating to a “hold” rating in a report on Sunday, August 23rd. JPMorgan Chase & Co. upped their price target on shares of Madison Square Garden from $450.00 to $485.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Finally, Guggenheim increased their price target on shares of Madison Square Garden from $522.00 to $584.00 and gave the company a “buy” rating in a report on Friday, August 14th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $471.20.
View Our Latest Research Report on MSGS
About Madison Square Garden
Madison Square Garden Sports Corp. (NYSE: MSGS) is a sports and entertainment company that owns and operates professional sports franchises. Its principal assets include the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League. The company also owns the NBA G League’s Westchester Knicks and operates team-related businesses involving ticketing, sponsorships, media rights, merchandising and licensing.
Through its teams and related commercial activities, Madison Square Garden Sports serves fans primarily in the New York metropolitan area while reaching national and international audiences through league broadcasts, digital media, live events and branded merchandise.
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