Blume Capital Management Inc. Acquires Shares of 3,055 The Madison Square Garden Company $MSGS

Key Points

• Blume Capital Management Inc. has acquired a new position, purchasing 3,055 shares of The Madison Square Garden Company, valued at approximately $638,000.
• Institutional investors currently own 68.94% of Madison Square Garden's stock, with several firms, including Fifth Third Bancorp and Truist Financial Corp, increasing their holdings in recent quarters.
• Analysts have mixed views on Madison Square Garden, with current ratings including five "Buy," three "Hold," and one "Sell," and an average price target of $258.83.

Blume Capital Management Inc. bought a new position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,055 shares of the company's stock, valued at approximately $638,000.

Other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in Madison Square Garden by 59.5% during the 2nd quarter. Fifth Third Bancorp now owns 185 shares of the company's stock valued at $39,000 after purchasing an additional 69 shares during the last quarter. Resona Asset Management Co. Ltd. increased its holdings in shares of Madison Square Garden by 2.8% in the first quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company's stock valued at $559,000 after purchasing an additional 79 shares during the last quarter. Covestor Ltd raised its position in shares of Madison Square Garden by 35.5% in the first quarter. Covestor Ltd now owns 416 shares of the company's stock valued at $81,000 after purchasing an additional 109 shares during the period. Truist Financial Corp lifted its stake in shares of Madison Square Garden by 6.3% during the 2nd quarter. Truist Financial Corp now owns 2,286 shares of the company's stock worth $478,000 after buying an additional 135 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Madison Square Garden by 4.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,152 shares of the company's stock worth $808,000 after buying an additional 169 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MSGS has been the topic of several research analyst reports. Weiss Ratings reissued a "sell (d+)" rating on shares of Madison Square Garden in a report on Wednesday, October 8th. Zacks Research raised Madison Square Garden from a "strong sell" rating to a "hold" rating in a research report on Monday, October 13th. Morgan Stanley increased their target price on 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. Citigroup started coverage on Madison Square Garden in a research note on Tuesday, September 9th. They issued a "buy" rating and a $285.00 price target for the company. Finally, BTIG Research began coverage on Madison Square Garden in a report on Tuesday, October 7th. They issued a "neutral" rating on the stock. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $258.83.

Madison Square Garden Price Performance

Shares of NYSE:MSGS opened at $224.90 on Wednesday. The business's 50 day simple moving average is $211.07 and its 200 day simple moving average is $201.30. The Madison Square Garden Company has a 1 year low of $173.26 and a 1 year high of $237.99. The company has a market capitalization of $5.40 billion, a P/E ratio of -244.46 and a beta of 0.78.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $203.96 million during the quarter, compared to analysts' expectations 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 company's quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.06 EPS. On average, sell-side analysts anticipate that The Madison Square Garden Company will post 0.73 EPS for the current fiscal 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.

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