DNB Asset Management AS Takes $690,000 Position in The Madison Square Garden Company $MSGS

DNB Asset Management AS bought a new stake in The Madison Square Garden Company (NYSE:MSGS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,669 shares of the company’s stock, valued at approximately $690,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its stake in shares of Madison Square Garden by 0.4% in the 3rd quarter. Victory Capital Management Inc. now owns 455,042 shares of the company’s stock valued at $103,295,000 after purchasing an additional 1,688 shares during the period. Gabelli Funds LLC lifted its stake in shares of Madison Square Garden by 0.6% in the 3rd quarter. Gabelli Funds LLC now owns 390,685 shares of the company’s stock valued at $88,685,000 after purchasing an additional 2,370 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Madison Square Garden by 9.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 234,657 shares of the company’s stock valued at $49,032,000 after purchasing an additional 20,277 shares during the period. Clearline Capital LP lifted its stake in shares of Madison Square Garden by 24.0% in the 3rd quarter. Clearline Capital LP now owns 121,116 shares of the company’s stock valued at $27,493,000 after purchasing an additional 23,425 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Madison Square Garden by 11.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after purchasing an additional 12,412 shares during the period. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Wall Street Analysts Forecast Growth

MSGS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Wall Street Zen cut Madison Square Garden from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. Seaport Research Partners upgraded Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 target price for the company in a research note on Friday, April 10th. Finally, Citigroup raised their price objective on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Madison Square Garden currently has an average rating of “Hold” and an average target price of $342.20.

Insider Activity at Madison Square Garden

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of Madison Square Garden stock in a transaction on Friday, February 20th. The stock was sold at an average price of $325.26, for a total value of $1,840,646.34. Following the completion of the sale, the director owned 435 shares of the company’s stock, valued at approximately $141,488.10. This trade represents a 92.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 19.07% of the company’s stock.

Madison Square Garden Trading Up 0.3%

Madison Square Garden stock opened at $354.20 on Thursday. The firm has a market cap of $8.53 billion, a price-to-earnings ratio of -380.85 and a beta of 0.59. The stock has a fifty day simple moving average of $328.49 and a two-hundred day simple moving average of $285.54. The Madison Square Garden Company has a 12 month low of $186.00 and a 12 month high of $360.45.

Madison Square Garden (NYSE:MSGS) last posted its earnings results on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The business had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm posted ($0.59) earnings per share. On average, equities research analysts forecast that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Madison Square Garden Company Profile

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.