30,785 The Madison Square Garden Company $MSGS Shares Sold by Reinhart Partners LLC.

Key Points

• Reinhart Partners cut its MSGS stake by 13.8% in the third quarter, selling 30,785 shares and retaining 192,388 shares worth approximately $78.0 million. Institutional investors collectively own 68.94% of the company.
• MSGS shares opened at $403.26, with a 12-month range of $207.90 to $438.93 and a market capitalization of about $9.71 billion.
• The company exceeded quarterly expectations, reporting $1.16 in EPS versus a $0.64 estimate and $278.75 million in revenue, up 36.6% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $471.20.

Reinhart Partners LLC. cut its stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 13.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,388 shares of the company's stock after selling 30,785 shares during the period. Madison Square Garden comprises approximately 1.9% of Reinhart Partners LLC.'s holdings, making the stock its 23rd largest holding. Reinhart Partners LLC. owned approximately 0.80% of Madison Square Garden worth $77,958,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MSGS. Caitong International Asset Management Co. Ltd increased its position in shares of Madison Square Garden by 67.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company's stock worth $32,000 after purchasing an additional 49 shares in the last quarter. SJS Investment Consulting Inc. grew its stake in Madison Square Garden by 488.2% during the first quarter. SJS Investment Consulting Inc. now owns 100 shares of the company's stock worth $32,000 after buying an additional 83 shares during the last quarter. GHP Investment Advisors Inc. bought a new stake in Madison Square Garden during the first quarter worth about $51,000. EverSource Wealth Advisors LLC increased its holdings in shares of Madison Square Garden by 35.0% during the first quarter. EverSource Wealth Advisors LLC now owns 162 shares of the company's stock worth $52,000 after buying an additional 42 shares in the last quarter. Finally, NFSG Corp raised its stake in shares of Madison Square Garden by 12,800.0% in the first quarter. NFSG Corp now owns 516 shares of the company's stock valued at $166,000 after acquiring an additional 512 shares during the last quarter. Institutional investors own 68.94% of the company's stock.

Madison Square Garden Stock Down 1.0%

Shares of MSGS stock opened at $403.26 on Friday. The Madison Square Garden Company has a 12-month low of $207.90 and a 12-month high of $438.93. The firm has a fifty day moving average of $398.32 and a 200-day moving average of $373.97. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 1,344.23 and a beta of 0.62.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.64 by $0.52. Madison Square Garden had a negative return on equity of 3.47% and a net margin of 0.67%. The business had revenue of $278.75 million for the quarter, compared to the consensus estimate of $227.67 million. During the same quarter last year, the business posted ($0.07) EPS. The firm's revenue was up 36.6% compared to the same quarter last year. Research analysts expect that The Madison Square Garden Company will post -1.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MSGS. Susquehanna lifted their price target on Madison Square Garden from $430.00 to $477.00 and gave the company a "positive" rating in a report on Friday, August 14th. Wall Street Zen upgraded shares of Madison Square Garden from a "sell" rating to a "hold" rating in a research report on Sunday, August 23rd. JPMorgan Chase & Co. boosted their target price on shares of Madison Square Garden from $450.00 to $485.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Morgan Stanley upgraded shares of Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 target price on the stock in a research report on Wednesday, July 15th. Finally, Zacks Research raised shares of Madison Square Garden from a "strong sell" rating to a "hold" rating in a research note on Friday, August 14th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $471.20.

About Madison Square Garden

Madison Square Garden Sports Corp. NYSE: MSGS is a professional sports and entertainment company based in New York. Its principal assets are the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League.

The company also owns and operates related sports properties, including the NBA G League's Westchester Knicks, the American Hockey League's Hartford Wolf Pack and the NBA 2K League's Knicks Gaming. Its business activities include team operations, ticket sales, sponsorships, licensing, merchandise and other commercial rights associated with its sports franchises.

Madison Square Garden Sports primarily serves fans and commercial partners in the New York metropolitan area while its teams compete in national leagues with audiences throughout the United States and internationally.

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