Engineers Gate Manager LP Invests $4.33 Million in The Madison Square Garden Company $MSGS

Key Points

• Engineers Gate Manager LP acquired 10,777 shares of Madison Square Garden Sports, valued at approximately $4.33 million. Institutional investors and hedge funds collectively own 68.94% of the company.
• Madison Square Garden reported quarterly earnings of $1.16 per share, beating estimates of $0.64, while revenue rose 36.6% year over year to $278.75 million.
• Analyst sentiment remains mixed but improved, with four Buy ratings and five Holds; the average price target is $471.20 versus the stock’s reported price of $391.77.

Engineers Gate Manager LP bought a new stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 10,777 shares of the company's stock, valued at approximately $4,331,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Gabelli Funds LLC grew its holdings in shares of Madison Square Garden by 0.9% during the 4th quarter. Gabelli Funds LLC now owns 394,292 shares of the company's stock worth $101,984,000 after purchasing an additional 3,607 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in Madison Square Garden by 1.1% in the fourth quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company's stock worth $158,654,000 after purchasing an additional 6,873 shares during the period. Hsbc Holdings PLC acquired a new stake in Madison Square Garden during the fourth quarter worth $5,596,000. Empowered Funds LLC boosted its stake in Madison Square Garden by 211.7% during the first quarter. Empowered Funds LLC now owns 11,309 shares of the company's stock worth $3,635,000 after buying an additional 7,681 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Madison Square Garden by 45.9% in the 1st quarter. Renaissance Technologies LLC now owns 172,000 shares of the company's stock valued at $55,281,000 after buying an additional 54,100 shares during the period. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Stock Performance

Madison Square Garden stock opened at $391.77 on Friday. The firm has a market cap of $9.43 billion, a P/E ratio of 1,305.94 and a beta of 0.60. The business's fifty day moving average is $394.88 and its two-hundred day moving average is $362.15. The Madison Square Garden Company has a 52 week low of $207.90 and a 52 week high of $438.93.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.52. Madison Square Garden had a negative return on equity of 3.47% and a net margin of 0.67%.The company had revenue of $278.75 million during the quarter, compared to analyst estimates of $227.67 million. During the same period last year, the company posted ($0.07) earnings per share. The firm's quarterly revenue was up 36.6% compared to the same quarter last year. On average, equities research analysts predict that The Madison Square Garden Company will post -0.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Zacks Research raised shares of Madison Square Garden from a "strong sell" rating to a "hold" rating in a research note on Friday, August 14th. Guggenheim raised their price target on shares of Madison Square Garden from $522.00 to $584.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Susquehanna lifted their price objective on Madison Square Garden from $430.00 to $477.00 and gave the company a "positive" rating in a report on Friday, August 14th. Weiss Ratings upgraded Madison Square Garden from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 14th. Finally, Wall Street Zen raised Madison Square Garden from a "sell" rating to a "hold" rating in a report on Sunday, August 23rd. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $471.20.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. is a professional sports and entertainment company headquartered in New York. The company owns and operates the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League. Through these franchises, it manages team operations, ticketing, sponsorships, media rights, merchandising and other commercial activities connected with professional sports.

Madison Square Garden Sports also owns the Hartford Wolf Pack, a minor-league hockey team affiliated with the Rangers, and has been involved in esports through Knicks Gaming, its NBA 2K League team.

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