The Madison Square Garden Company (NYSE:MSGS) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 116,842 shares of the company's stock after selling 1,749 shares during the period. Pinnacle Associates Ltd. owned approximately 0.49% of Madison Square Garden worth $22,752,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Putney Financial Group LLC purchased a new position in shares of Madison Square Garden during the 4th quarter valued at approximately $28,000. Heck Capital Advisors LLC purchased a new position in shares of Madison Square Garden during the 4th quarter valued at approximately $43,000. Headlands Technologies LLC lifted its position in shares of Madison Square Garden by 1,016.7% during the 4th quarter. Headlands Technologies LLC now owns 268 shares of the company's stock valued at $60,000 after buying an additional 244 shares in the last quarter. Covestor Ltd lifted its position in shares of Madison Square Garden by 30,600.0% during the 4th quarter. Covestor Ltd now owns 307 shares of the company's stock valued at $69,000 after buying an additional 306 shares in the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new position in shares of Madison Square Garden during the 4th quarter valued at approximately $92,000. Hedge funds and other institutional investors own 68.94% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MSGS. Susquehanna began coverage on Madison Square Garden in a research report on Monday, April 28th. They set a "positive" rating and a $254.00 target price on the stock. 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. Morgan Stanley reduced their price objective on Madison Square Garden from $235.00 to $215.00 and set an "equal weight" rating for the company in a research note on Monday, May 5th. Finally, JPMorgan Chase & Co. reduced their price objective 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. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Madison Square Garden has an average rating of "Moderate Buy" and an average target price of $252.60.

Madison Square Garden Price Performance

NYSE MSGS traded down $1.21 during mid-day trading on Friday, hitting $202.10. The stock had a trading volume of 101,406 shares, compared to its average volume of 181,207. The firm's 50 day moving average is $198.65 and its 200 day moving average is $199.48. The Madison Square Garden Company has a twelve month low of $173.26 and a twelve month high of $237.99. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of 962.44 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.48 by ($2.07). Madison Square Garden had a negative return on equity of 1.76% and a net margin of 0.45%. The company had revenue of $424.20 million during the quarter, compared to analyst estimates of $436.84 million. During the same period last year, the business earned $1.57 earnings per share. The firm's revenue was down 1.3% compared to the same quarter last year. As a group, equities research analysts expect that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

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.