Madison Square Garden (NYSE:MSGS) Shares Down 4.3% – Here’s What Happened

Shares of The Madison Square Garden Company (NYSE:MSGS) were down 4.3% during mid-day trading on Friday . The stock traded as low as $325.13 and last traded at $326.9150. Approximately 7,360 shares were traded during trading, a decline of 97% from the average daily volume of 247,779 shares. The stock had previously closed at $341.76.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MSGS. Wall Street Zen upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. Guggenheim reaffirmed a “buy” rating on shares of Madison Square Garden in a research report on Thursday, February 5th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday, December 29th. JPMorgan Chase & Co. increased their price target on shares of Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Finally, Citigroup lifted their price objective on shares of Madison Square Garden from $290.00 to $337.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Madison Square Garden currently has a consensus rating of “Hold” and a consensus price target of $280.00.

Madison Square Garden Stock Down 1.0%

The company has a market capitalization of $7.83 billion, a PE ratio of -471.48 and a beta of 0.61. The business has a 50 day simple moving average of $274.83 and a 200 day simple moving average of $235.99.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings results 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 firm had revenue of $403.42 million during the quarter, compared to analyst estimates of $394.58 million. The business’s revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 EPS. Equities analysts expect that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MSGS. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Madison Square Garden in the second quarter valued at about $288,000. Advisors Capital Management LLC boosted its position in Madison Square Garden by 12.2% in the second quarter. Advisors Capital Management LLC now owns 11,861 shares of the company’s stock valued at $2,478,000 after buying an additional 1,291 shares during the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Madison Square Garden by 775.0% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 16,888 shares of the company’s stock worth $3,529,000 after buying an additional 14,958 shares during the period. Vise Technologies Inc. purchased a new position in Madison Square Garden during the 2nd quarter worth approximately $437,000. Finally, Envestnet Asset Management Inc. lifted its stake in Madison Square Garden by 24.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 12,076 shares of the company’s stock valued at $2,523,000 after acquiring an additional 2,389 shares during the period. Hedge funds and other institutional investors own 68.94% of the company’s stock.

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.