Harbor Capital Advisors Inc. Sells 5,562 Shares of 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. lessened its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 10.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 47,833 shares of the company's stock after selling 5,562 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.20% of Madison Square Garden worth $9,995,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of Madison Square Garden by 523.2% in the first quarter. Victory Capital Management Inc. now owns 347,800 shares of the company's stock valued at $67,724,000 after purchasing an additional 291,989 shares during the period. GAMMA Investing LLC increased its stake in 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 in the last quarter. Nuveen LLC acquired a new stake in Madison Square Garden in the first quarter valued at $8,585,000. Mackenzie Financial Corp acquired a new position in shares of Madison Square Garden during the 4th quarter worth $9,641,000. Finally, T. Rowe Price Investment Management Inc. grew its stake in 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 acquiring an additional 29,938 shares during the last quarter. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Price Performance

MSGS traded down $1.14 during midday trading on Friday, hitting $214.23. 407,153 shares of the company's stock traded hands, compared to its average volume of 194,168. The company has a market cap of $5.14 billion, a PE ratio of -232.86 and a beta of 0.78. The stock's fifty day simple moving average is $202.67 and its 200-day simple moving average is $196.90. The Madison Square Garden Company has a one year low of $173.26 and a one year 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 for the quarter, beating analysts' consensus estimates of ($0.42) by $0.35. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.16%.The business had revenue of $203.96 million for the quarter, compared to the consensus estimate of $151.00 million. During the same period last year, the business earned $1.06 EPS. The firm's revenue was down 10.3% compared to the same quarter last year. On average, research analysts expect that The Madison Square Garden Company will post 0.73 EPS for the current year.

Wall Street Analysts Forecast Growth

MSGS has been the subject of several recent research reports. Morgan Stanley raised their price target 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. Citigroup began coverage on Madison Square Garden in a research note on Tuesday, September 9th. They issued a "buy" rating and a $285.00 price target on the stock. Five equities 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, Madison Square Garden currently has a consensus rating of "Moderate Buy" and an average price target of $258.83.

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.