Northern Trust Corp Buys 18,529 Shares of The Madison Square Garden Company $MSGS

Key Points

• Northern Trust Corp increased its stake in The Madison Square Garden Company by 15.9%, owning approximately $26.32 million in shares after acquiring an additional 18,529 shares.
• Madison Square Garden reported a quarterly earnings per share of ($0.07), exceeding expectations and generating revenue of $203.96 million, although this represented a 10.3% decline compared to the previous year.
• Analysts maintain a consensus rating of "Moderate Buy" for Madison Square Garden, with four analysts giving it a Buy rating and an average price target of $253.60.

Northern Trust Corp boosted its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 15.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,191 shares of the company's stock after purchasing an additional 18,529 shares during the period. Northern Trust Corp owned 0.56% of Madison Square Garden worth $26,324,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MSGS. Dimensional Fund Advisors LP lifted its stake in shares of Madison Square Garden by 4.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 222,090 shares of the company's stock worth $50,124,000 after acquiring an additional 9,979 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Madison Square Garden by 242.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 992 shares of the company's stock worth $224,000 after acquiring an additional 702 shares during the period. AQR Capital Management LLC lifted its stake in shares of Madison Square Garden by 16.0% in the fourth quarter. AQR Capital Management LLC now owns 23,453 shares of the company's stock worth $5,293,000 after acquiring an additional 3,228 shares during the period. Freestone Grove Partners LP acquired a new position in shares of Madison Square Garden in the fourth quarter worth approximately $273,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Madison Square Garden by 89.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 127,556 shares of the company's stock worth $28,787,000 after acquiring an additional 60,112 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Morgan Stanley lifted their price objective 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. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $253.60.

Madison Square Garden Price Performance

Shares of Madison Square Garden stock traded up $1.03 on Thursday, hitting $196.93. 74,702 shares of the company's stock traded hands, compared to its average volume of 156,357. The Madison Square Garden Company has a one year low of $173.26 and a one year high of $237.99. The company has a fifty day moving average of $201.99 and a two-hundred day moving average of $196.49. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of -214.27 and a beta of 0.78.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.35. The business had revenue of $203.96 million for the quarter, compared to analyst estimates 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 quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 earnings per share. Equities research analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share 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.