Clearline Capital LP Boosts Stock Holdings in The Madison Square Garden Company $MSGS

Key Points

• Clearline Capital LP increased its stake in The Madison Square Garden Company by 3.6%, purchasing an additional 3,400 shares, which now constitute 1.1% of its total holdings.
• Madison Square Garden reported a quarterly revenue of $203.96 million, significantly exceeding the analyst estimate of $151 million, but showed a 10.3% decrease in revenue year-over-year.
• Analysts increased the price target for Madison Square Garden from $215.00 to $220.00, reflecting a consensus rating of "Moderate Buy" and an average price target of $253.60.

Clearline Capital LP increased its holdings in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,691 shares of the company's stock after buying an additional 3,400 shares during the quarter. Madison Square Garden accounts for about 1.1% of Clearline Capital LP's portfolio, making the stock its 16th largest position. Clearline Capital LP owned approximately 0.41% of Madison Square Garden worth $19,022,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Putney Financial Group LLC purchased a new position in Madison Square Garden during the 4th quarter worth $28,000. Heck Capital Advisors LLC purchased a new position in Madison Square Garden during the 4th quarter worth $43,000. Covestor Ltd grew its stake in Madison Square Garden by 35.5% during the 1st 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. Obermeyer Wealth Partners purchased a new position in Madison Square Garden during the 4th quarter worth $202,000. Finally, Cetera Investment Advisers purchased a new position in Madison Square Garden during the 4th quarter worth $203,000. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Morgan Stanley boosted 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 report on Tuesday. They set a "buy" rating and a $285.00 price target for the company. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $258.83.

Madison Square Garden Stock Up 0.7%

Shares of MSGS stock traded up $1.41 on Friday, hitting $213.16. The company had a trading volume of 205,078 shares, compared to its average volume of 184,766. The firm has a market cap of $5.12 billion, a P/E ratio of -231.69 and a beta of 0.78. The company has a 50-day moving average price of $201.58 and a 200-day moving average price of $196.44. The Madison Square Garden Company has a twelve month low of $173.26 and a twelve month high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.35. The business 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 revenue for the quarter was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.06 EPS. Equities research analysts expect that The Madison Square Garden Company will post 0.73 EPS for the current 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.