Nisa Investment Advisors LLC Sells 4,543 Shares of The Madison Square Garden Company $MSGS

Key Points

• Nisa Investment Advisors cut its Madison Square Garden stake by 71.4% in the third quarter, selling 4,543 shares and retaining 1,820 shares valued at approximately $737,000. Institutional investors collectively own 68.94% of MSGS.
• Analyst sentiment is generally positive, with four Buy and four Hold ratings and a consensus price target of $471.20. Guggenheim raised its target to $584, while Morgan Stanley upgraded the stock to Overweight.
• MSGS reported quarterly EPS of $1.16, beating estimates of $0.64, while revenue rose 36.6% year over year to $278.75 million. The stock opened at $387.25, compared with a 52-week range of $207.90 to $438.93.

Nisa Investment Advisors LLC trimmed its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 71.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,820 shares of the company's stock after selling 4,543 shares during the period. Nisa Investment Advisors LLC's holdings in Madison Square Garden were worth $737,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SJS Investment Consulting Inc. raised its position in Madison Square Garden by 488.2% in the first quarter. SJS Investment Consulting Inc. now owns 100 shares of the company's stock valued at $32,000 after purchasing an additional 83 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Madison Square Garden by 35.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 162 shares of the company's stock valued at $52,000 after purchasing an additional 42 shares during the last quarter. NFSG Corp grew its holdings in shares of Madison Square Garden by 12,800.0% during the 1st quarter. NFSG Corp now owns 516 shares of the company's stock worth $166,000 after purchasing an additional 512 shares during the period. Glenmede Trust Co. NA purchased a new position in shares of Madison Square Garden during the 1st quarter worth $201,000. Finally, Robotti Robert purchased a new position in shares of Madison Square Garden during the 2nd quarter worth $201,000. Institutional investors and hedge funds own 68.94% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MSGS. Weiss Ratings raised Madison Square Garden from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 14th. Morgan Stanley upgraded shares of Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 price objective on the stock in a report on Wednesday, July 15th. Guggenheim upped their target price on shares of Madison Square Garden from $522.00 to $584.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Susquehanna upped their target price on shares of Madison Square Garden from $430.00 to $477.00 and gave the company a "positive" rating in a research report on Friday, August 14th. Finally, Wall Street Zen raised shares of Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Sunday, August 23rd. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $471.20.

Madison Square Garden Stock Performance

Madison Square Garden stock opened at $387.25 on Wednesday. The Madison Square Garden Company has a fifty-two week low of $207.90 and a fifty-two week high of $438.93. The firm has a 50 day moving average price of $398.61 and a 200 day moving average price of $356.94. The company has a market capitalization of $9.32 billion, a PE ratio of 1,290.87 and a beta of 0.62.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.64 by $0.52. The firm had revenue of $278.75 million for the quarter, compared to analyst estimates of $227.67 million. During the same quarter last year, the company earned ($0.07) earnings per share. The firm's revenue for the quarter was up 36.6% on a year-over-year basis. As a group, equities research analysts forecast that The Madison Square Garden Company will post -1.13 earnings per share for the current year.

Madison Square Garden Profile

Madison Square Garden Sports Corp. NYSE: MSGS is a sports and entertainment company that owns and operates professional sports franchises. Its principal assets include the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League. The company also owns the NBA G League's Westchester Knicks and operates team-related businesses involving ticketing, sponsorships, media rights, merchandising and licensing.

Through its teams and related commercial activities, Madison Square Garden Sports serves fans primarily in the New York metropolitan area while reaching national and international audiences through league broadcasts, digital media, live events and branded merchandise.

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