Madison Square Garden (NYSE:MSGS) Hits New 1-Year High – Here’s What Happened

The Madison Square Garden Company (NYSE:MSGS)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $262.35 and last traded at $261.32, with a volume of 19739 shares traded. The stock had previously closed at $259.74.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday. 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. Wolfe Research lowered Madison Square Garden from an “outperform” rating to a “hold” rating in a research report on Monday, December 15th. Finally, BTIG Research started coverage on Madison Square Garden in a report on Tuesday, October 7th. They issued a “neutral” rating for the company. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Madison Square Garden currently has an average rating of “Hold” and an average target price of $261.33.

Madison Square Garden Trading Up 0.5%

The stock has a fifty day moving average price of $229.09 and a 200 day moving average price of $215.10. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of -266.46 and a beta of 0.66.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings results on Friday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.67. The company had revenue of $39.45 million for the quarter, compared to analyst estimates of $41.41 million. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The business’s quarterly revenue was down 26.0% on a year-over-year basis. During the same period last year, the business posted ($0.31) EPS. On average, sell-side analysts forecast that The Madison Square Garden Company will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MSGS. Gamco Investors INC. ET AL lifted its holdings in Madison Square Garden by 1.9% in the second quarter. Gamco Investors INC. ET AL now owns 614,788 shares of the company’s stock valued at $128,460,000 after buying an additional 11,464 shares during the period. Victory Capital Management Inc. boosted its position in shares of Madison Square Garden by 0.4% during the third quarter. Victory Capital Management Inc. now owns 455,042 shares of the company’s stock worth $103,295,000 after buying an additional 1,688 shares during the period. Greenhouse Funds LLLP grew its position in Madison Square Garden by 6.5% in the second quarter. Greenhouse Funds LLLP now owns 434,910 shares of the company’s stock valued at $90,874,000 after purchasing an additional 26,583 shares in the last quarter. Gabelli Funds LLC increased its position in shares of Madison Square Garden by 0.6% in the third quarter. Gabelli Funds LLC now owns 390,685 shares of the company’s stock valued at $88,685,000 after acquiring an additional 2,370 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Madison Square Garden by 9.5% during the second quarter. The Manufacturers Life Insurance Company now owns 234,657 shares of the company’s stock worth $49,032,000 after acquiring an additional 20,277 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.