Algert Global LLC Sells 6,300 Shares of The Madison Square Garden Company $MSGS

Key Points

• Algert Global LLC reduced its holdings in The Madison Square Garden Company by 28.8%, now owning 15,580 shares valued at approximately $3.03 million.
• Several institutional investors significantly increased their stakes in Madison Square Garden, with T. Rowe Price boosting its holdings by 1,854% during the fourth quarter.
• The Madison Square Garden Company reported a negative earnings per share of ($0.07) in its latest quarter, despite revenues of $203.96 million that exceeded analyst expectations.

Algert Global LLC trimmed its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 28.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,580 shares of the company's stock after selling 6,300 shares during the period. Algert Global LLC owned 0.06% of Madison Square Garden worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MSGS. Putney Financial Group LLC acquired a new position in Madison Square Garden during the fourth quarter valued at approximately $28,000. Heck Capital Advisors LLC bought a new stake in shares of Madison Square Garden during the fourth quarter worth $43,000. Covestor Ltd grew its stake in shares of Madison Square Garden by 35.5% during the first quarter. Covestor Ltd now owns 416 shares of the company's stock worth $81,000 after buying an additional 109 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Madison Square Garden during the fourth quarter worth $92,000. Finally, Obermeyer Wealth Partners bought a new stake in shares of Madison Square Garden in the fourth quarter worth $202,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Price Performance

Shares of Madison Square Garden stock traded up $0.6410 on Monday, hitting $199.2910. 95,242 shares of the company's stock traded hands, compared to its average volume of 155,851. The company has a fifty day moving average of $202.14 and a two-hundred day moving average of $196.99. The Madison Square Garden Company has a one year low of $173.26 and a one year high of $237.99. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of -216.95 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.35. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The business had revenue of $203.96 million for the quarter, compared to analysts' expectations of $151.00 million. During the same quarter last year, the firm earned $1.06 EPS. The firm's revenue for the quarter was down 10.3% compared to the same quarter last year. Equities research analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Guggenheim reissued a "buy" rating and issued a $314.00 price objective on shares of Madison Square Garden in a research note on Tuesday, May 6th. Susquehanna assumed coverage on shares of Madison Square Garden in a research note on Monday, April 28th. They issued a "positive" rating and a $254.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Finally, Morgan Stanley boosted their price objective on shares of Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Madison Square Garden currently has an average rating of "Moderate Buy" and a consensus price target of $253.60.

Madison Square Garden Profile

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.