The Madison Square Garden Company $MSGS Holdings Decreased by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in The Madison Square Garden Company (NYSE:MSGS) by 2.5%, now owning 405,412 shares worth approximately $78.9 million, making it the company's 29th largest holding.
• Analysts have a consensus rating of "Moderate Buy" for Madison Square Garden, with target prices ranging from $220 to $314.
• The latest quarterly earnings report showed a modest improvement with an EPS of ($0.07), beating expectations while revenue declined 10.3% year-over-year to $203.96 million.

Gabelli Funds LLC cut its holdings in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 2.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 405,412 shares of the company's stock after selling 10,416 shares during the period. Madison Square Garden accounts for approximately 0.6% of Gabelli Funds LLC's investment portfolio, making the stock its 29th biggest holding. Gabelli Funds LLC owned about 1.69% of Madison Square Garden worth $78,942,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Envestnet Asset Management Inc. raised its stake in shares of Madison Square Garden by 5.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,437 shares of the company's stock worth $1,453,000 after purchasing an additional 322 shares during the last quarter. Barclays PLC boosted its stake in shares of Madison Square Garden by 7.8% in the fourth quarter. Barclays PLC now owns 15,813 shares of the company's stock worth $3,569,000 after acquiring an additional 1,145 shares during the last quarter. First Trust Advisors LP boosted its stake in Madison Square Garden by 377.1% during the fourth quarter. First Trust Advisors LP now owns 57,879 shares of the company's stock worth $13,062,000 after buying an additional 45,748 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Madison Square Garden by 4.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 222,090 shares of the company's stock worth $50,124,000 after buying an additional 9,979 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Madison Square Garden by 242.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 992 shares of the company's stock valued at $224,000 after purchasing an additional 702 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MSGS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Guggenheim reissued a "buy" rating and issued a $314.00 target price on shares of Madison Square Garden in a research report on Tuesday, May 6th. Finally, Morgan Stanley increased their price objective on Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Madison Square Garden currently has an average rating of "Moderate Buy" and a consensus price target of $253.60.

Madison Square Garden Trading Up 0.6%

Shares of NYSE MSGS traded up $1.25 on Friday, reaching $197.79. 192,161 shares of the company traded hands, compared to its average volume of 156,334. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99. The company has a 50 day moving average of $202.73 and a 200 day moving average of $196.86. The stock has a market capitalization of $4.75 billion, a PE ratio of -214.99 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.35. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.16%.The business had revenue of $203.96 million for the quarter, compared to analyst estimates of $151.00 million. During the same period last year, the company posted $1.06 EPS. The business's quarterly revenue was down 10.3% on a year-over-year basis. As a group, research analysts expect that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Madison Square Garden Profile

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.