HighTower Advisors LLC Has $2.63 Million Position in The Madison Square Garden Company $MSGS

HighTower Advisors LLC cut its position in The Madison Square Garden Company (NYSE:MSGS) by 47.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,164 shares of the company’s stock after selling 9,322 shares during the quarter. HighTower Advisors LLC’s holdings in Madison Square Garden were worth $2,629,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Gamco Investors INC. ET AL raised its position in shares of Madison Square Garden by 1.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company’s stock valued at $158,654,000 after buying an additional 6,873 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Madison Square Garden by 0.4% in the 3rd quarter. Victory Capital Management Inc. now owns 455,042 shares of the company’s stock valued at $103,295,000 after buying an additional 1,688 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Madison Square Garden by 0.9% in the 4th quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock valued at $101,984,000 after buying an additional 3,607 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Madison Square Garden by 9.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 234,657 shares of the company’s stock valued at $49,032,000 after buying an additional 20,277 shares in the last quarter. Finally, Clearline Capital LP raised its position in shares of Madison Square Garden by 24.0% in the 3rd quarter. Clearline Capital LP now owns 121,116 shares of the company’s stock valued at $27,493,000 after buying an additional 23,425 shares in the last quarter. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Price Performance

MSGS stock opened at $373.96 on Monday. The company has a 50 day simple moving average of $335.10 and a 200 day simple moving average of $292.66. The stock has a market cap of $9.00 billion, a price-to-earnings ratio of -402.10 and a beta of 0.61. The Madison Square Garden Company has a 1 year low of $186.00 and a 1 year high of $376.24.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to analyst estimates of $429.66 million. Madison Square Garden’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company posted ($0.59) EPS. On average, equities research analysts anticipate that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Guggenheim upped their price objective on shares of Madison Square Garden from $401.00 to $422.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Citigroup upped their price objective on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. JPMorgan Chase & Co. upped their price objective on shares of Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Finally, Wall Street Zen cut shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $347.20.

Madison Square Garden Company Profile

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.