Pinnacle Associates Ltd. Sells 19,422 Shares of The Madison Square Garden Company $MSGS

Pinnacle Associates Ltd. lessened its holdings in shares of The Madison Square Garden Company (NYSE:MSGS) by 16.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,420 shares of the company’s stock after selling 19,422 shares during the period. Pinnacle Associates Ltd.’s holdings in Madison Square Garden were worth $20,356,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. increased its holdings in shares of Madison Square Garden by 523.2% during the 1st quarter. Victory Capital Management Inc. now owns 347,800 shares of the company’s stock worth $67,724,000 after acquiring an additional 291,989 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Madison Square Garden during the 1st quarter worth $8,585,000. Mackenzie Financial Corp lifted its holdings in shares of Madison Square Garden by 99.9% during the 1st quarter. Mackenzie Financial Corp now owns 85,380 shares of the company’s stock worth $16,625,000 after acquiring an additional 42,661 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Madison Square Garden by 6.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 528,545 shares of the company’s stock valued at $102,919,000 after buying an additional 29,938 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Madison Square Garden by 111.1% in the first quarter. AQR Capital Management LLC now owns 49,502 shares of the company’s stock valued at $9,518,000 after buying an additional 26,049 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MSGS. BTIG Research assumed coverage on Madison Square Garden in a research report on Tuesday, October 7th. They set a “neutral” rating for the company. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a report on Saturday, October 25th. Citigroup started coverage on Madison Square Garden in a report on Tuesday, September 9th. They set a “buy” rating and a $285.00 price target for the company. Morgan Stanley upped their price objective 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. Finally, Zacks Research upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $258.83.

Madison Square Garden Stock Performance

MSGS opened at $225.27 on Friday. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99. The stock has a market capitalization of $5.41 billion, a PE ratio of -244.86 and a beta of 0.78. The stock’s 50 day moving average price is $215.31 and its 200-day moving average price is $203.40.

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

About Madison Square Garden

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.