Bank of New York Mellon Corp Has $20.26 Million Stock Position in The Madison Square Garden Company (NYSE:MSGS)

Bank of New York Mellon Corp trimmed its position in shares of The Madison Square Garden Company (NYSE:MSGS) by 5.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,048 shares of the company’s stock after selling 6,090 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Madison Square Garden worth $20,260,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in MSGS. Putney Financial Group LLC bought a new position in Madison Square Garden in the 4th quarter worth $28,000. Heck Capital Advisors LLC bought a new stake in Madison Square Garden in the 4th quarter valued at $43,000. Headlands Technologies LLC raised its position in Madison Square Garden by 1,016.7% in the fourth quarter. Headlands Technologies LLC now owns 268 shares of the company’s stock worth $60,000 after purchasing an additional 244 shares in the last quarter. Covestor Ltd lifted its position in shares of Madison Square Garden by 30,600.0% during the 4th quarter. Covestor Ltd now owns 307 shares of the company’s stock worth $69,000 after buying an additional 306 shares during the period. Finally, Kapitalo Investimentos Ltda acquired a new position in Madison Square Garden in the fourth quarter valued at about $92,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Price Performance

NYSE MSGS opened at $208.42 on Friday. The Madison Square Garden Company has a one year low of $173.26 and a one year high of $237.99. The firm has a market cap of $5.00 billion, a P/E ratio of 992.52 and a beta of 0.79. The stock’s 50-day moving average is $197.88 and its 200-day moving average is $200.18.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.07). The firm had revenue of $424.20 million during the quarter, compared to analyst estimates of $436.84 million. Madison Square Garden had a net margin of 0.45% and a negative return on equity of 1.76%. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.57 EPS. Equities analysts anticipate that The Madison Square Garden Company will post 0.73 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on MSGS. Guggenheim reissued a “buy” rating and issued a $314.00 price objective on shares of Madison Square Garden in a research note on Tuesday, May 6th. Morgan Stanley reduced their target price on shares of Madison Square Garden from $235.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Monday, May 5th. JPMorgan Chase & Co. lowered their target price on Madison Square Garden from $240.00 to $230.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Finally, Susquehanna started coverage on shares of Madison Square Garden in a report on Monday, April 28th. They issued a “positive” rating and a $254.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $252.60.

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.