Renaissance Technologies LLC Has $55.28 Million Position in The Madison Square Garden Company $MSGS

Key Points

• Renaissance Technologies increased its Madison Square Garden position by 45.9% in the first quarter, holding 172,000 shares valued at approximately $55.28 million, or 0.71% of the company.
• Institutional investors own nearly 68.94% of MSGS, with several funds also increasing their holdings during the recent quarters.
• Analyst sentiment is mixed but improving: Morgan Stanley upgraded the stock to “overweight,” while the consensus rating remains “Hold” with an average price target of $442.40. MSGS recently traded at $396.01 after reporting a quarterly EPS loss that missed estimates, despite slightly higher-than-expected revenue.

Renaissance Technologies LLC boosted its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 45.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 172,000 shares of the company's stock after buying an additional 54,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.71% of Madison Square Garden worth $55,281,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Gabelli Funds LLC boosted its holdings in Madison Square Garden by 0.9% during the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company's stock worth $101,984,000 after purchasing an additional 3,607 shares during the last quarter. M&T Bank Corp increased its stake in Madison Square Garden by 1,394.6% in the 4th quarter. M&T Bank Corp now owns 16,396 shares of the company's stock valued at $4,241,000 after buying an additional 15,299 shares during the last quarter. Assetmark Inc. lifted its position in Madison Square Garden by 38.7% during the 4th quarter. Assetmark Inc. now owns 11,794 shares of the company's stock worth $3,051,000 after buying an additional 3,288 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in Madison Square Garden by 1.1% during the 4th quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company's stock worth $158,654,000 after buying an additional 6,873 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in shares of Madison Square Garden by 46.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 19,162 shares of the company's stock worth $4,956,000 after buying an additional 6,041 shares during the last quarter. Institutional investors own 68.94% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Morgan Stanley upgraded Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 price objective for the company in a report on Wednesday, July 15th. Guggenheim upped their target price on Madison Square Garden from $470.00 to $522.00 and gave the stock a "buy" rating in a report on Thursday. Seaport Research Partners increased their price target on Madison Square Garden from $430.00 to $435.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. Weiss Ratings restated a "hold (c-)" rating on shares of Madison Square Garden in a research note on Wednesday, June 24th. Finally, Citigroup boosted their price target on Madison Square Garden from $355.00 to $360.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $442.40.

Madison Square Garden Price Performance

Shares of MSGS stock opened at $396.01 on Monday. The company has a fifty day moving average price of $380.53 and a two-hundred day moving average price of $335.30. The Madison Square Garden Company has a one year low of $188.60 and a one year high of $411.73. The stock has a market cap of $9.54 billion, a P/E ratio of -425.81 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.56 by ($1.39). The firm had revenue of $432.20 million for the quarter, compared to the consensus estimate of $429.66 million. Madison Square Garden's revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.59) EPS. As a group, equities research analysts anticipate that The Madison Square Garden Company will post -0.06 EPS for the current fiscal year.

Madison Square Garden Profile

Madison Square Garden Sports Corp NYSE: MSGS is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA's New York Knicks, the NHL's New York Rangers and the WNBA's New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.

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