Madison Square Garden (NYSE:MSGS) Reaches New 1-Year High – Here’s Why

The Madison Square Garden Company (NYSE:MSGS) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $299.01 and last traded at $289.5690, with a volume of 25142 shares traded. The stock had previously closed at $291.48.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MSGS shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday, December 29th. Citigroup boosted their target price on Madison Square Garden from $290.00 to $337.00 and gave the company a “buy” rating in a research note on Friday. Guggenheim reiterated a “buy” rating on shares of Madison Square Garden in a research note on Thursday, February 5th. Wolfe Research lowered Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. Finally, Wall Street Zen raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $280.00.

Madison Square Garden Price Performance

The stock has a market cap of $7.10 billion, a P/E ratio of -427.21 and a beta of 0.61. The firm’s fifty day moving average price is $267.52 and its two-hundred day moving average price is $232.84.

Madison Square Garden (NYSE:MSGS) last posted its earnings results on Thursday, February 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.32). The company had revenue of $403.42 million during the quarter, compared to analyst estimates of $394.58 million. During the same period last year, the firm posted $0.05 EPS. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, research analysts expect that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden

A number of institutional investors have recently made changes to their positions in MSGS. Aster Capital Management DIFC Ltd purchased a new position in Madison Square Garden in the fourth quarter worth $26,000. Farther Finance Advisors LLC boosted its holdings in shares of Madison Square Garden by 5,450.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after purchasing an additional 109 shares in the last quarter. Salomon & Ludwin LLC purchased a new position in shares of Madison Square Garden in the 3rd quarter worth about $27,000. Global Retirement Partners LLC increased its position in shares of Madison Square Garden by 1,150.0% during the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. Finally, Accredited Wealth Management LLC raised its holdings in shares of Madison Square Garden by 524.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after buying an additional 131 shares in the last quarter. Institutional investors 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.