The Madison Square Garden Company $MSGS Stock Sold by Park Avenue Securities LLC

Park Avenue Securities LLC cut its position in shares of The Madison Square Garden Company (NYSE:MSGS) by 68.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 hedge funds and other institutional investors have also bought and sold shares of the company. Marest Capital LLC boosted its position in Madison Square Garden by 31.9% during the 3rd quarter. Marest Capital LLC now owns 4,109 shares of the company’s stock worth $1,666,000 after acquiring an additional 994 shares during the last quarter. Lederer & Associates Investment Counsel CA bought a new position in shares of Madison Square Garden during the 3rd quarter worth approximately $219,000. Inspire Investing LLC acquired a new stake in shares of Madison Square Garden in the third quarter valued at approximately $468,000. Pinnacle Associates Ltd. raised 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. Finally, Robertson Stephens Wealth Management LLC raised its holdings in shares of Madison Square Garden by 0.3% in the third quarter. Robertson Stephens Wealth Management LLC now owns 8,812 shares of the company’s stock valued at $3,571,000 after purchasing an additional 30 shares during the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Trading Up 0.7%

NYSE MSGS opened at $387.25 on Tuesday. The Madison Square Garden Company has a 12 month low of $207.90 and a 12 month high of $438.93. The stock has a 50 day moving average of $397.37 and a 200-day moving average of $359.29. The company has a market cap of $9.32 billion, a PE ratio of 1,290.87 and a beta of 0.62.

Madison Square Garden (NYSE:MSGS) last issued its earnings results on Thursday, August 13th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.52. The business had revenue of $278.75 million for the quarter, compared to the consensus estimate of $227.67 million. Madison Square Garden had a net margin of 0.67% and a negative return on equity of 3.47%. The firm’s revenue for the quarter was up 36.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) earnings per share. As a group, sell-side analysts predict that The Madison Square Garden Company will post -1.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MSGS. Guggenheim boosted their price objective on shares of Madison Square Garden from $522.00 to $584.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. JPMorgan Chase & Co. raised their target price on shares of Madison Square Garden from $450.00 to $485.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Wall Street Zen upgraded shares of Madison Square Garden from a “sell” rating to a “hold” rating in a research note on Sunday, August 23rd. Weiss Ratings upgraded Madison Square Garden from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 14th. Finally, Zacks Research raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Friday, August 14th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $471.20.

Madison Square Garden Profile

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.