Concentric Capital Strategies LP Sells 194,536 Shares of 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 reduced its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 85.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Putney Financial Group LLC acquired a new stake in shares of Madison Square Garden in the fourth quarter worth $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Madison Square Garden in the fourth quarter worth $43,000. Covestor Ltd boosted its position in shares of Madison Square Garden by 35.5% in the first quarter. Covestor Ltd now owns 416 shares of the company's stock worth $81,000 after buying an additional 109 shares during the period. Obermeyer Wealth Partners purchased a new position in Madison Square Garden during the fourth quarter valued at approximately $202,000. Finally, Cetera Investment Advisers purchased a new position in Madison Square Garden during the fourth quarter valued at approximately $203,000. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Price Performance

MSGS traded up $0.07 on Friday, reaching $196.16. 157,689 shares of the company traded hands, compared to its average volume of 216,822. The company has a market cap of $4.71 billion, a price-to-earnings ratio of -213.22 and a beta of 0.78. The stock's 50 day moving average price is $201.55 and its 200-day moving average price is $196.24. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.42) by $0.35. The firm had revenue of $203.96 million during the quarter, compared to analysts' expectations 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 company's revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 earnings per share. As a group, equities research analysts forecast that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley boosted their price objective on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. Four equities 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.com, Madison Square Garden presently has a consensus rating of "Moderate Buy" and a consensus target price of $253.60.

About Madison Square Garden

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.