Gabelli Funds LLC Acquires 2,370 Shares of The Madison Square Garden Company $MSGS

Gabelli Funds LLC raised its stake in shares of The Madison Square Garden Company (NYSE:MSGS) by 0.6% during the third quarter, Holdings Channel reports. The firm owned 390,685 shares of the company’s stock after buying an additional 2,370 shares during the quarter. Gabelli Funds LLC’s holdings in Madison Square Garden were worth $88,685,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in Madison Square Garden by 5,450.0% in the third quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after purchasing an additional 109 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Madison Square Garden during the 3rd quarter valued at $27,000. Accredited Wealth Management LLC grew its position in shares of Madison Square Garden by 524.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after buying an additional 131 shares during the period. Hantz Financial Services Inc. purchased a new stake in shares of Madison Square Garden in the 3rd quarter worth about $80,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Madison Square Garden by 313.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 401 shares of the company’s stock worth $84,000 after acquiring an additional 304 shares in the last quarter. 68.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MSGS has been the subject of a number of recent research reports. Citigroup lifted their price target on shares of Madison Square Garden from $290.00 to $337.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Guggenheim reissued a “buy” rating on shares of Madison Square Garden in a report on Thursday, February 5th. Wolfe Research cut shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. Wall Street Zen raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Madison Square Garden in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $286.00.

Insiders Place Their Bets

In related news, Director Charles P. Dolan sold 5,659 shares of Madison Square Garden stock in a transaction dated 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 owned 435 shares in the company, valued at $141,488.10. This trade represents a 92.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 19.07% of the stock is owned by insiders.

Madison Square Garden Price Performance

Shares of NYSE MSGS opened at $313.76 on Friday. The business’s 50 day moving average is $289.08 and its two-hundred day moving average is $244.17. The stock has a market capitalization of $7.55 billion, a P/E ratio of -454.72 and a beta of 0.56. The Madison Square Garden Company has a 1-year low of $173.26 and a 1-year high of $345.46.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.32). The business had revenue of $403.42 million for the quarter, compared to analyst estimates of $394.58 million. The firm’s revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the business earned $0.05 EPS. As a group, equities research analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

About Madison Square Garden

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.