Connor Clark & Lunn Investment Management Ltd. Makes New Investment in The Madison Square Garden Company $MSGS

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of The Madison Square Garden Company (NYSE:MSGS) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,379 shares of the company’s stock, valued at approximately $288,000.

Several other large investors have also made changes to their positions in the business. Nuveen LLC purchased a new stake in shares of Madison Square Garden during the first quarter worth about $8,585,000. Mackenzie Financial Corp boosted its stake in Madison Square Garden by 99.9% in the 1st quarter. Mackenzie Financial Corp now owns 85,380 shares of the company’s stock worth $16,625,000 after purchasing an additional 42,661 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Madison Square Garden by 6.0% during 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 in the last quarter. AQR Capital Management LLC raised its position in shares of Madison Square Garden by 111.1% during the first quarter. AQR Capital Management LLC now owns 49,502 shares of the company’s stock valued at $9,518,000 after buying an additional 26,049 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Madison Square Garden by 15.9% in the first quarter. Northern Trust Corp now owns 135,191 shares of the company’s stock worth $26,324,000 after buying an additional 18,529 shares in the last quarter. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Stock Performance

Shares of Madison Square Garden stock opened at $213.96 on Friday. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of -218.32 and a beta of 0.77. The stock has a 50 day moving average price of $220.55 and a 200-day moving average price of $206.11. The Madison Square Garden Company has a one year low of $173.26 and a one year high of $237.99.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on MSGS shares. Wolfe Research reaffirmed an “outperform” rating on shares of Madison Square Garden in a research note on Monday, November 3rd. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a report on Wednesday. BTIG Research began coverage on Madison Square Garden in a research report on Tuesday, October 7th. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. raised their price target on Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.