The Madison Square Garden Company $MSGS Shares Sold by Algert Global LLC

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 reduced its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 28.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,580 shares of the company's stock after selling 6,300 shares during the quarter. Algert Global LLC owned about 0.06% of Madison Square Garden worth $3,034,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Inspire Trust Co. N.A. lifted its holdings in shares of Madison Square Garden by 28.6% in the 1st quarter. Inspire Trust Co. N.A. now owns 9,000 shares of the company's stock valued at $1,752,000 after buying an additional 2,000 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Madison Square Garden by 99.6% in the 1st quarter. Russell Investments Group Ltd. now owns 1,082 shares of the company's stock valued at $211,000 after buying an additional 540 shares during the period. Resona Asset Management Co. Ltd. lifted its holdings in shares of Madison Square Garden by 2.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company's stock valued at $559,000 after buying an additional 79 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of Madison Square Garden by 27.4% in the 1st quarter. Public Sector Pension Investment Board now owns 53,078 shares of the company's stock valued at $10,335,000 after buying an additional 11,403 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Madison Square Garden in the 1st quarter valued at approximately $8,585,000. 68.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MSGS has been the subject of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Guggenheim reaffirmed a "buy" rating and issued a $314.00 price objective on shares of Madison Square Garden in a research note on Tuesday, May 6th. Morgan Stanley raised their price objective on Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Finally, Susquehanna initiated coverage on Madison Square Garden in a research note on Monday, April 28th. They issued a "positive" rating and a $254.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $253.60.

Madison Square Garden Price Performance

Madison Square Garden stock traded down $1.52 during mid-day trading on Tuesday, hitting $196.89. 130,225 shares of the company were exchanged, compared to its average volume of 209,054. The company has a market capitalization of $4.73 billion, a P/E ratio of -214.01 and a beta of 0.79. The Madison Square Garden Company has a 12-month low of $173.26 and a 12-month high of $237.99. The business's 50 day simple moving average is $202.51 and its two-hundred day simple moving average is $196.94.

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

About Madison Square Garden

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.