Nuveen LLC Takes Position in The Madison Square Garden Company $MSGS

Key Points

• Nuveen LLC acquired 44,090 shares of The Madison Square Garden Company during the 1st quarter, with a total investment valued at approximately $8.6 million.
• The company recently reported a quarterly earnings per share of ($0.07), which exceeded analysts' expectations, and had revenues of $203.96 million, down 10.3% year-over-year.
• Institutional investors now own 68.94% of Madison Square Garden's shares, indicating significant interest from large investment firms.

Nuveen LLC bought a new stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 44,090 shares of the company's stock, valued at approximately $8,585,000. Nuveen LLC owned 0.18% of Madison Square Garden at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. increased its holdings in shares of Madison Square Garden by 2.4% in the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company's stock valued at $16,209,000 after purchasing an additional 1,989 shares during the period. Atria Wealth Solutions Inc. boosted its stake in shares of Madison Square Garden by 100.0% in the first quarter. Atria Wealth Solutions Inc. now owns 3,100 shares of the company's stock valued at $604,000 after buying an additional 1,550 shares in the last quarter. Systematic Financial Management LP boosted its stake in shares of Madison Square Garden by 1.5% in the fourth quarter. Systematic Financial Management LP now owns 126,249 shares of the company's stock valued at $28,492,000 after buying an additional 1,922 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Madison Square Garden in the first quarter valued at approximately $250,000. Finally, Virtu Financial LLC purchased a new stake in Madison Square Garden during the first quarter worth $575,000. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Trading Up 0.6%

NYSE:MSGS traded up $1.25 on Friday, hitting $197.79. 192,161 shares of the stock were exchanged, compared to its average volume of 208,060. The stock has a market cap of $4.75 billion, a PE ratio of -214.99 and a beta of 0.79. The stock has a fifty day moving average of $202.62 and a 200-day moving average of $196.79. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.35. The company had revenue of $203.96 million during 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 firm's revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 earnings per share. As a group, analysts predict that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on MSGS. Guggenheim reiterated a "buy" rating and set a $314.00 target price on shares of Madison Square Garden in a research report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their target price on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Finally, 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 note on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Madison Square Garden has an average rating of "Moderate Buy" and a consensus target price of $253.60.

About Madison Square Garden

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.