State of Alaska Department of Revenue Lowers Holdings in The Madison Square Garden Company $MSGS

Key Points

• State of Alaska Department of Revenue reduced its stake in The Madison Square Garden Company by 24.1% in Q4, selling 3,100 shares and finishing the quarter with 9,769 shares valued at $2.526 million.
• Director Charles P. Dolan sold 5,659 shares on February 20 for about $1.84 million, cutting his ownership by 92.86%; company insiders now hold 19.07% of MSGS.
• MSGS reported Q earnings of $0.34 EPS, missing estimates of $0.66 while revenue rose 12.7% to $403.42 million, and analysts' consensus target is $312.80 with an average "Hold" rating.

State of Alaska Department of Revenue decreased its holdings in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 24.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,769 shares of the company's stock after selling 3,100 shares during the quarter. State of Alaska Department of Revenue's holdings in Madison Square Garden were worth $2,526,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in shares of Madison Square Garden by 5,450.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 111 shares of the company's stock worth $25,000 after purchasing an additional 109 shares during the period. Salomon & Ludwin LLC purchased a new stake in Madison Square Garden in the 3rd quarter valued at about $27,000. Accredited Wealth Management LLC lifted its position in Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company's stock valued at $35,000 after buying an additional 131 shares during the last quarter. Sound Income Strategies LLC acquired a new position in Madison Square Garden in the fourth quarter valued at about $45,000. Finally, Hantz Financial Services Inc. purchased a new position in Madison Square Garden during the third quarter worth about $80,000. Hedge funds and other institutional investors own 68.94% of the company's stock.

Madison Square Garden Price Performance

Shares of Madison Square Garden stock opened at $335.05 on Friday. The stock has a market capitalization of $8.06 billion, a price-to-earnings ratio of -485.58 and a beta of 0.59. The business has a 50-day moving average of $315.94 and a 200 day moving average of $267.88. The Madison Square Garden Company has a 12 month low of $183.58 and a 12 month high of $345.48.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.66 by ($0.32). The business had revenue of $403.42 million for the quarter, compared to the consensus estimate of $394.58 million. Madison Square Garden's revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 EPS. Equities research analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Insider Buying and Selling at Madison Square Garden

In related news, Director Charles P. Dolan sold 5,659 shares of Madison Square Garden stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $325.26, for a total value of $1,840,646.34. Following the completion of the transaction, the director owned 435 shares in the company, valued at approximately $141,488.10. The trade was a 92.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 19.07% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on MSGS. Susquehanna lifted their price target on shares of Madison Square Garden from $356.00 to $388.00 and gave the company a "positive" rating in a research report on Thursday, April 9th. JPMorgan Chase & Co. upped their price objective on shares of Madison Square Garden from $240.00 to $305.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. Guggenheim reaffirmed a "buy" rating on shares of Madison Square Garden in a research report on Thursday, February 5th. Seaport Research Partners upgraded shares of Madison Square Garden from a "neutral" rating to a "buy" rating and set a $430.00 target price for the company in a report on Friday, April 10th. Finally, Weiss Ratings raised Madison Square Garden from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, March 27th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Madison Square Garden presently has an average rating of "Hold" and a consensus target price of $312.80.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.