Harbor Capital Advisors Inc. Cuts Holdings in The Madison Square Garden Company $MSGS

Key Points

• Harbor Capital Advisors Inc. reduced its stake in The Madison Square Garden Company by 10.4% in the second quarter, owning approximately $9.995 million worth of shares after selling 5,562 shares.
• Analysts from Citigroup and Morgan Stanley have set a target price of $285 and $220 respectively, with an overall consensus forecast of a "Moderate Buy" rating for the stock.
• In its latest earnings report, Madison Square Garden posted an EPS of ($0.07), exceeding analyst expectations, despite a 10.3% year-over-year decline in revenue.

Harbor Capital Advisors Inc. decreased its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 10.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,833 shares of the company's stock after selling 5,562 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.20% of Madison Square Garden worth $9,995,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Victory Capital Management Inc. increased its holdings in shares of Madison Square Garden by 523.2% in the 1st quarter. Victory Capital Management Inc. now owns 347,800 shares of the company's stock valued at $67,724,000 after acquiring an additional 291,989 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Madison Square Garden by 14,886.7% in the 1st quarter. GAMMA Investing LLC now owns 137,278 shares of the company's stock valued at $26,731,000 after purchasing an additional 136,362 shares during the period. Nuveen LLC acquired a new stake in shares of Madison Square Garden in the 1st quarter valued at about $8,585,000. Mackenzie Financial Corp acquired a new stake in shares of Madison Square Garden in the 4th quarter valued at about $9,641,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Madison Square Garden by 6.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 528,545 shares of the company's stock valued at $102,919,000 after purchasing an additional 29,938 shares during the period. Hedge funds and other institutional investors own 68.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Citigroup assumed coverage on Madison Square Garden in a research report on Tuesday, September 9th. They set a "buy" rating and a $285.00 price objective for the company. Morgan Stanley increased their price objective on Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $258.83.

Madison Square Garden Trading Down 0.9%

Shares of MSGS stock opened at $211.15 on Tuesday. The company has a market cap of $5.07 billion, a price-to-earnings ratio of -229.51 and a beta of 0.78. The stock has a 50 day simple moving average of $201.71 and a 200-day simple moving average of $196.41. The Madison Square Garden Company has a 12-month low of $173.26 and a 12-month high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.42) by $0.35. The business had revenue of $203.96 million during the quarter, compared to the consensus estimate 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 period in the prior year, the business posted $1.06 EPS. On average, equities 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.

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