AQR Capital Management LLC Buys 26,049 Shares of The Madison Square Garden Company $MSGS

Key Points

• AQR Capital Management LLC significantly increased its stake in The Madison Square Garden Company by 111.1%, owning 49,502 shares valued at approximately $9.5 million after acquiring an additional 26,049 shares.
• Analysts have a favorable outlook on Madison Square Garden, with a consensus rating of "Moderate Buy" and an average price target of $258.83, reflecting confidence in the company's growth potential.
• The company's recent quarterly earnings exceeded expectations, reporting ($0.07) EPS versus a consensus estimate of ($0.42), driven by revenues of $203.96 million that also surpassed estimates.

AQR Capital Management LLC grew its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 111.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,502 shares of the company's stock after acquiring an additional 26,049 shares during the period. AQR Capital Management LLC owned 0.21% of Madison Square Garden worth $9,518,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MSGS. Captrust Financial Advisors raised its stake in shares of Madison Square Garden by 12.4% in the fourth quarter. Captrust Financial Advisors now owns 1,442 shares of the company's stock valued at $325,000 after acquiring an additional 159 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Madison Square Garden in the fourth quarter valued at approximately $203,000. Deutsche Bank AG increased its holdings in shares of Madison Square Garden by 0.5% in the fourth quarter. Deutsche Bank AG now owns 75,812 shares of the company's stock valued at $17,109,000 after purchasing an additional 375 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of Madison Square Garden by 56.8% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 18,237 shares of the company's stock valued at $4,116,000 after purchasing an additional 6,606 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Madison Square Garden in the fourth quarter valued at approximately $1,374,000. Institutional investors own 68.94% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MSGS shares. Morgan Stanley raised their price target on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a report on Wednesday, August 13th. Citigroup assumed coverage on shares of Madison Square Garden in a report on Tuesday. They set a "buy" rating and a $285.00 target price for the company. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $258.83.

Madison Square Garden Stock Performance

MSGS traded up $1.41 during trading on Friday, reaching $213.16. 205,078 shares of the company's stock were exchanged, compared to its average volume of 184,766. The company's fifty day moving average price is $201.58 and its 200-day moving average price is $196.44. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99. The firm has a market capitalization of $5.12 billion, a PE ratio of -231.69 and a beta of 0.78.

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, topping analysts' consensus estimates of ($0.42) by $0.35. The company had revenue of $203.96 million for the quarter, compared to analysts' expectations of $151.00 million. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The business's quarterly revenue was down 10.3% compared to the same quarter last year. During the same period last year, the firm posted $1.06 earnings per share. Research analysts forecast that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Madison Square Garden Company 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.