Madison Square Garden (NYSE:MSGS) Reaches New 12-Month High – Still a Buy?

The Madison Square Garden Company (NYSE:MSGS)’s share price reached a new 52-week high on Thursday . The company traded as high as $245.49 and last traded at $241.5610, with a volume of 56310 shares traded. The stock had previously closed at $241.41.

Analyst Ratings Changes

Several brokerages have weighed in on MSGS. Wolfe Research downgraded Madison Square Garden from an “outperform” rating to a “hold” rating in a research note on Monday. BTIG Research assumed coverage on shares of Madison Square Garden in a report on Tuesday, October 7th. They issued a “neutral” rating on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a research report on Monday. Citigroup boosted their target price on Madison Square Garden from $285.00 to $290.00 and gave the stock a “buy” rating in a research report on Tuesday. 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. Five 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. According to MarketBeat, Madison Square Garden has an average rating of “Hold” and a consensus price target of $261.33.

Madison Square Garden Price Performance

The firm has a market cap of $5.74 billion, a PE ratio of -243.99 and a beta of 0.66. The business has a 50-day moving average price of $222.87 and a two-hundred day moving average price of $210.84.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL grew its holdings in Madison Square Garden by 1.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 614,788 shares of the company’s stock valued at $128,460,000 after buying an additional 11,464 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Madison Square Garden by 6.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 528,545 shares of the company’s stock valued at $102,919,000 after acquiring an additional 29,938 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Madison Square Garden by 0.4% during the third quarter. Victory Capital Management Inc. now owns 455,042 shares of the company’s stock valued at $103,295,000 after acquiring an additional 1,688 shares during the last quarter. Greenhouse Funds LLLP increased its position in Madison Square Garden by 6.5% during the 2nd quarter. Greenhouse Funds LLLP now owns 434,910 shares of the company’s stock worth $90,874,000 after purchasing an additional 26,583 shares in the last quarter. Finally, Gabelli Funds LLC raised its stake in 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 last quarter. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Company Profile

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.