Concentric Capital Strategies LP Lowers Stock Position in The Madison Square Garden Company $MSGS

Key Points

• Concentric Capital Strategies LP significantly reduced its stake in The Madison Square Garden Company, cutting its position by 85.9% in the first quarter, now owning only 31,819 shares of the company's stock.
• Despite this, other institutional investors have been purchasing shares, with Covestor Ltd increasing its stake by 35.5% in the first quarter, bringing its total to 416 shares valued at $81,000.
• Morgan Stanley has raised its price target for Madison Square Garden from $215.00 to $220.00 while maintaining an "equal weight" rating on the stock.

Concentric Capital Strategies LP lessened its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 85.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 31,819 shares of the company's stock after selling 194,536 shares during the period. Concentric Capital Strategies LP owned about 0.13% of Madison Square Garden worth $6,196,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Madison Square Garden by 111.1% during the 1st quarter. AQR Capital Management LLC now owns 49,502 shares of the company's stock worth $9,518,000 after acquiring an additional 26,049 shares in the last quarter. Almitas Capital LLC bought a new position in shares of Madison Square Garden during the 1st quarter worth approximately $1,930,000. Amundi raised its stake in shares of Madison Square Garden by 4.7% during the 1st quarter. Amundi now owns 5,643 shares of the company's stock worth $1,091,000 after acquiring an additional 252 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Madison Square Garden by 5.4% during the 1st quarter. Royal Bank of Canada now owns 54,949 shares of the company's stock worth $10,701,000 after acquiring an additional 2,818 shares in the last quarter. Finally, Baird Financial Group Inc. raised its stake in shares of Madison Square Garden by 3.5% during the 1st quarter. Baird Financial Group Inc. now owns 37,022 shares of the company's stock worth $7,209,000 after acquiring an additional 1,238 shares in the last quarter. Institutional investors own 68.94% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Citigroup started coverage on shares of Madison Square Garden in a research note on Tuesday. They set a "buy" rating and a $285.00 price objective for the company. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Madison Square Garden currently has an average rating of "Moderate Buy" and a consensus target price of $258.83.

Madison Square Garden Stock Up 2.1%

Shares of NYSE:MSGS traded up $4.18 during midday trading on Tuesday, reaching $207.17. The company's stock had a trading volume of 234,929 shares, compared to its average volume of 157,819. The firm has a market capitalization of $4.97 billion, a PE ratio of -225.18 and a beta of 0.78. 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 fifty day moving average of $201.42 and a 200 day moving average of $196.17.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.42) by $0.35. The firm had revenue of $203.96 million for the quarter, compared to analyst estimates of $151.00 million. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The business's quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 earnings per share. Sell-side analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal 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.