Madison Square Garden (NYSE:MSGS) Sets New 52-Week High – Here’s What Happened

The Madison Square Garden Company (NYSE:MSGS)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $348.20 and last traded at $346.3380, with a volume of 189843 shares. The stock had previously closed at $330.13.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MSGS. JPMorgan Chase & Co. boosted their target price on Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Wall Street Zen raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. Susquehanna boosted their target price on Madison Square Garden from $356.00 to $388.00 and gave the company a “positive” rating in a report on Thursday, April 9th. Guggenheim boosted their target price on Madison Square Garden from $355.00 to $401.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Finally, Seaport Research Partners raised Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 target price for the company in a report on Friday, April 10th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $333.80.

Madison Square Garden Trading Up 4.2%

The firm has a market capitalization of $8.28 billion, a PE ratio of -369.87 and a beta of 0.59. The company has a fifty day moving average price of $323.98 and a two-hundred day moving average price of $277.92.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of $0.56 by ($1.39). The business had revenue of $432.20 million during the quarter, compared to analysts’ expectations of $429.66 million. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.59) earnings per share. As a group, equities research analysts predict that The Madison Square Garden Company will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the completion of the sale, the director directly owned 435 shares of the company’s stock, valued at $141,488.10. This represents a 92.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Madison Square Garden

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DGS Capital Management LLC raised its stake in Madison Square Garden by 4.8% during the 1st quarter. DGS Capital Management LLC now owns 832 shares of the company’s stock valued at $267,000 after acquiring an additional 38 shares during the last quarter. Salomon & Ludwin LLC raised its stake in Madison Square Garden by 33.1% during the 4th quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock valued at $40,000 after acquiring an additional 39 shares during the last quarter. Allworth Financial LP raised its stake in Madison Square Garden by 26.5% during the 4th quarter. Allworth Financial LP now owns 196 shares of the company’s stock valued at $51,000 after acquiring an additional 41 shares during the last quarter. Cibc World Market Inc. raised its stake in Madison Square Garden by 2.3% during the 4th quarter. Cibc World Market Inc. now owns 1,924 shares of the company’s stock valued at $498,000 after acquiring an additional 43 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Madison Square Garden by 2.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,746 shares of the company’s stock valued at $452,000 after acquiring an additional 45 shares during the last quarter. 68.94% of the stock is owned by hedge funds and other institutional investors.

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.