Coastal Investment Advisors Inc. grew its holdings in shares of Madison Square Garden Co (NYSE:MSG) by 70.4% in the 3rd quarter, Holdings Channel reports. The fund owned 1,210 shares of the company’s stock after buying an additional 500 shares during the period. Coastal Investment Advisors Inc.’s holdings in Madison Square Garden were worth $318,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of MSG. Renaissance Technologies LLC raised its stake in Madison Square Garden by 293.6% during the second quarter. Renaissance Technologies LLC now owns 187,752 shares of the company’s stock worth $52,559,000 after acquiring an additional 140,052 shares in the last quarter. BlackRock Inc. increased its stake in shares of Madison Square Garden by 8.4% in the second quarter. BlackRock Inc. now owns 1,044,764 shares of the company’s stock valued at $292,473,000 after buying an additional 80,714 shares during the period. Atalan Capital Partners LP increased its stake in shares of Madison Square Garden by 33.3% in the second quarter. Atalan Capital Partners LP now owns 319,900 shares of the company’s stock valued at $89,553,000 after buying an additional 79,900 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Madison Square Garden in the second quarter valued at approximately $20,279,000. Finally, Maplelane Capital LLC acquired a new position in shares of Madison Square Garden in the second quarter valued at approximately $13,997,000. 72.57% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on the company. Morgan Stanley lowered their price objective on Madison Square Garden from $340.00 to $320.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. Imperial Capital lowered their price objective on Madison Square Garden from $377.00 to $362.00 and set an “outperform” rating for the company in a research note on Wednesday, August 21st. ValuEngine raised Madison Square Garden from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Finally, Guggenheim set a $350.00 price objective on Madison Square Garden and gave the company a “buy” rating in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $346.60.
Madison Square Garden stock opened at $265.21 on Monday. The business has a 50 day moving average of $262.02 and a 200-day moving average of $284.82. Madison Square Garden Co has a 1 year low of $240.33 and a 1 year high of $315.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.86 and a quick ratio of 1.86. The company has a market capitalization of $6.37 billion, a P/E ratio of 552.52 and a beta of 0.55.
Madison Square Garden (NYSE:MSG) last released its earnings results on Tuesday, August 20th. The company reported ($3.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.74). The firm had revenue of $263.56 million for the quarter, compared to analyst estimates of $270.09 million. Madison Square Garden had a net margin of 0.70% and a return on equity of 0.43%. The business’s revenue for the quarter was down 17.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.94) EPS. Equities analysts anticipate that Madison Square Garden Co will post 0.55 EPS for the current year.
About Madison Square Garden
The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.
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