Madison Square Garden (NYSE:MSGS) Hits New 1-Year High – Here’s Why

Shares of The Madison Square Garden Company (NYSE:MSGS) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $257.24 and last traded at $257.1020, with a volume of 222101 shares trading hands. The stock had previously closed at $252.44.

Analyst Ratings Changes

MSGS has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Wolfe Research downgraded shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. Zacks Research upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Citigroup raised their price target on shares of Madison Square Garden from $285.00 to $290.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a research report on Monday. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $261.33.

Madison Square Garden Trading Up 0.8%

The stock’s fifty day moving average is $226.85 and its two-hundred day moving average is $213.30. The company has a market capitalization of $6.22 billion, a PE ratio of -264.41 and a beta of 0.66.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data 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 net margin of 2.31% and a negative return on equity of 1.76%. The business had revenue of $39.45 million during the quarter, compared to the consensus estimate of $41.41 million. During the same quarter last year, the company posted ($0.31) earnings per share. The firm’s quarterly revenue was down 26.0% compared to the same quarter last year. As a group, analysts anticipate that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden

Several institutional investors and hedge funds have recently bought and sold shares of MSGS. Russell Investments Group Ltd. increased its position in Madison Square Garden by 99.6% in the first quarter. Russell Investments Group Ltd. now owns 1,082 shares of the company’s stock worth $211,000 after buying an additional 540 shares during the last quarter. Northern Trust Corp increased its holdings in Madison Square Garden by 15.9% in the 1st quarter. Northern Trust Corp now owns 135,191 shares of the company’s stock worth $26,324,000 after acquiring an additional 18,529 shares during the last quarter. Jump Financial LLC raised its stake in Madison Square Garden by 29.8% in the 1st quarter. Jump Financial LLC now owns 9,060 shares of the company’s stock valued at $1,764,000 after acquiring an additional 2,081 shares during the period. FORA Capital LLC bought a new stake in Madison Square Garden in the 1st quarter valued at about $272,000. Finally, Vident Advisory LLC purchased a new stake in Madison Square Garden during the first quarter valued at about $269,000. 68.94% of the stock is owned by institutional investors.

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.