Madison Square Garden (NYSE:MSGS) Reaches New 52-Week High – Here’s What Happened

Shares of The Madison Square Garden Company (NYSE:MSGS) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $298.97 and last traded at $291.34, with a volume of 92330 shares. The stock had previously closed at $287.25.

Wall Street Analysts Forecast Growth

MSGS has been the topic of a number of recent analyst reports. Wolfe Research lowered shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a research note on Monday, December 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday, December 29th. 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 research report on Monday, November 3rd. Citigroup upped their price target on Madison Square Garden from $285.00 to $290.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Finally, Zacks Research raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $261.33.

Madison Square Garden Trading Down 5.4%

The firm’s fifty day simple moving average is $258.47 and its two-hundred day simple moving average is $228.26. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of -282.41 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last posted its earnings results on Thursday, February 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.32). During the same quarter in the prior year, the firm posted $0.05 earnings per share. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. As a group, analysts forecast that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden

Institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC grew its stake in Madison Square Garden by 5,450.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after purchasing an additional 109 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in Madison Square Garden in the 3rd quarter valued at about $27,000. Accredited Wealth Management LLC boosted its stake in shares of Madison Square Garden by 524.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after buying an additional 131 shares during the period. Sound Income Strategies LLC acquired a new position in shares of Madison Square Garden during the fourth quarter worth about $45,000. Finally, Allworth Financial LP increased its stake in shares of Madison Square Garden by 26.5% during the fourth quarter. Allworth Financial LP now owns 196 shares of the company’s stock worth $51,000 after buying an additional 41 shares during the period. Institutional investors and hedge funds 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.