The Madison Square Garden Company $MSGS Shares Bought by Gamco Investors INC. ET AL

Key Points

• Gamco Investors increased its stake in Madison Square Garden by 1.1% in the fourth quarter, bringing its total to 613,391 shares worth about $158.7 million. The stock now represents roughly 1.5% of Gamco’s portfolio and its fourth-largest holding.
• CEO or insider activity showed a notable sale: Director Charles P. Dolan sold 5,659 shares at an average price of $325.26, cutting his direct ownership by about 92.9%. Overall, insiders still hold 19.07% of the company.
• MSGS reported a mixed quarter, with earnings missing estimates at -$0.83 per share while revenue of $432.2 million came in slightly above expectations. Analysts currently rate the stock a consensus Hold with an average price target of $342.20.

Gamco Investors INC. ET AL lifted its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 1.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 613,391 shares of the company's stock after buying an additional 6,873 shares during the period. Madison Square Garden comprises approximately 1.5% of Gamco Investors INC. ET AL's investment portfolio, making the stock its 4th biggest position. Gamco Investors INC. ET AL owned approximately 2.55% of Madison Square Garden worth $158,654,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. increased its holdings in shares of Madison Square Garden by 0.4% during the third quarter. Victory Capital Management Inc. now owns 455,042 shares of the company's stock worth $103,295,000 after buying an additional 1,688 shares in the last quarter. Gabelli Funds LLC increased its holdings in shares of 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 buying an additional 3,607 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Madison Square Garden by 9.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 234,657 shares of the company's stock valued at $49,032,000 after acquiring an additional 20,277 shares during the period. Clearline Capital LP increased its position in Madison Square Garden by 24.0% in the 3rd quarter. Clearline Capital LP now owns 121,116 shares of the company's stock valued at $27,493,000 after acquiring an additional 23,425 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Madison Square Garden by 11.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company's stock valued at $26,764,000 after acquiring an additional 12,412 shares during the period. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Madison Square Garden

In other news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the completion of the sale, the director directly owned 435 shares in the company, valued at $141,488.10. This represents a 92.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 19.07% of the stock is currently owned by company insiders.

Madison Square Garden Stock Down 0.1%

MSGS opened at $351.33 on Monday. The Madison Square Garden Company has a twelve month low of $186.00 and a twelve month high of $357.42. The company has a fifty day moving average of $326.31 and a 200-day moving average of $282.86. The stock has a market cap of $8.46 billion, a PE ratio of -377.77 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted 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. During the same period in the previous year, the business posted ($0.59) EPS. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. Sell-side analysts anticipate that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MSGS has been the subject of several recent research reports. Seaport Research Partners upgraded shares of Madison Square Garden from a "neutral" rating to a "buy" rating and set a $430.00 price target for the company in a research report on Friday, April 10th. Weiss Ratings upgraded shares of Madison Square Garden from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, March 27th. Citigroup upped their price target on shares of Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a research report on Wednesday, May 13th. Guggenheim upped their price target on shares of Madison Square Garden from $401.00 to $422.00 and gave the company a "buy" rating in a research report on Friday. Finally, Wall Street Zen cut shares of Madison Square Garden from a "hold" rating to a "sell" rating in a research report on Saturday. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden presently has an average rating of "Hold" and a consensus price target of $342.20.

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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