Bank of New York Mellon Corp Trims Holdings in The Madison Square Garden Company $MSGS

Bank of New York Mellon Corp lowered its stake in shares of The Madison Square Garden Company (NYSE:MSGS) by 10.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 92,874 shares of the company’s stock after selling 11,174 shares during the period. Bank of New York Mellon Corp’s holdings in Madison Square Garden were worth $19,406,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL raised its position in Madison Square Garden by 2.5% in the first quarter. Gamco Investors INC. ET AL now owns 603,324 shares of the company’s stock valued at $117,479,000 after purchasing an additional 14,669 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of Madison Square Garden by 6.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 528,545 shares of the company’s stock valued at $102,919,000 after buying an additional 29,938 shares during the period. Greenhouse Funds LLLP boosted its holdings in Madison Square Garden by 3.5% during the 1st quarter. Greenhouse Funds LLLP now owns 408,327 shares of the company’s stock valued at $79,509,000 after acquiring an additional 13,707 shares during the period. Northern Trust Corp grew its position in Madison Square Garden by 15.9% in the 1st quarter. Northern Trust Corp now owns 135,191 shares of the company’s stock valued at $26,324,000 after acquiring an additional 18,529 shares in the last quarter. Finally, Clearline Capital LP lifted its position in shares of Madison Square Garden by 3.6% during the first quarter. Clearline Capital LP now owns 97,691 shares of the company’s stock worth $19,022,000 after purchasing an additional 3,400 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $215.51 on Monday. The Madison Square Garden Company has a 1 year low of $173.26 and a 1 year high of $237.99. The stock has a market cap of $5.18 billion, a P/E ratio of -219.91 and a beta of 0.77. The stock has a 50-day simple moving average of $219.93 and a 200-day simple moving average of $205.66.

Madison Square Garden (NYSE:MSGS) last issued its earnings results on Friday, October 31st. The company reported ($0.37) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.67. The business had revenue of $39.45 million for the quarter, compared to analyst estimates of $41.41 million. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.31%.The business’s quarterly revenue was down 26.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.31) EPS. On average, equities research analysts predict that The Madison Square Garden Company will post 0.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MSGS. Citigroup began coverage on shares of Madison Square Garden in a report on Tuesday, September 9th. They issued a “buy” rating and a $285.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Morgan Stanley increased their price objective on Madison Square Garden from $215.00 to $220.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 13th. BTIG Research started coverage on Madison Square Garden in a research note on Tuesday, October 7th. They set a “neutral” rating for the company. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a report on Thursday. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Madison Square Garden has an average rating of “Moderate Buy” and a consensus target price of $260.50.

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.