Blume Capital Management Inc. Acquires New Position in The Madison Square Garden Company $MSGS

Blume Capital Management Inc. bought a new position in shares of The Madison Square Garden Company (NYSE:MSGS) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 3,055 shares of the company’s stock, valued at approximately $638,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MSGS. Principal Financial Group Inc. raised its holdings in shares of Madison Square Garden by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 83,241 shares of the company’s stock worth $16,209,000 after buying an additional 1,989 shares in the last quarter. Atria Wealth Solutions Inc. grew its position in Madison Square Garden by 100.0% in the first quarter. Atria Wealth Solutions Inc. now owns 3,100 shares of the company’s stock valued at $604,000 after acquiring an additional 1,550 shares during the last quarter. QRG Capital Management Inc. acquired a new position in Madison Square Garden during the first quarter worth about $250,000. Virtu Financial LLC bought a new position in shares of Madison Square Garden in the first quarter worth about $575,000. Finally, Inspire Trust Co. N.A. boosted its stake in shares of Madison Square Garden by 28.6% in the 1st quarter. Inspire Trust Co. N.A. now owns 9,000 shares of the company’s stock valued at $1,752,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 68.94% of the company’s stock.

Wall Street Analyst Weigh In

MSGS has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a research note on Wednesday, October 8th. Morgan Stanley increased their price target on Madison Square Garden from $215.00 to $220.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 13th. BTIG Research initiated coverage on Madison Square Garden in a research report on Tuesday, October 7th. They set a “neutral” rating on the stock. Finally, Citigroup began coverage on Madison Square Garden in a report on Tuesday, September 9th. They issued a “buy” rating and a $285.00 target price for the company. Five equities 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $258.83.

Madison Square Garden Stock Performance

Shares of NYSE MSGS opened at $224.90 on Wednesday. The firm has a 50 day moving average price of $211.07 and a two-hundred day moving average price of $201.30. The stock has a market cap of $5.40 billion, a P/E ratio of -244.46 and a beta of 0.78. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.35. The company had revenue of $203.96 million for the quarter, compared to analysts’ expectations of $151.00 million. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. Madison Square Garden’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.06 earnings per share. Analysts predict that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.