JPMorgan Chase & Co. Boosts Holdings in The Madison Square Garden Company $MSGS

JPMorgan Chase & Co. grew its stake in shares of The Madison Square Garden Company (NYSE:MSGS) by 11.8% in the third quarter, HoldingsChannel reports. The fund owned 117,905 shares of the company’s stock after buying an additional 12,412 shares during the quarter. JPMorgan Chase & Co.’s holdings in Madison Square Garden were worth $26,764,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MSGS. Amundi grew its holdings in Madison Square Garden by 4.7% in the first quarter. Amundi now owns 5,643 shares of the company’s stock valued at $1,091,000 after purchasing an additional 252 shares during the period. Millennium Management LLC increased its holdings in shares of Madison Square Garden by 8.0% during the 1st quarter. Millennium Management LLC now owns 27,147 shares of the company’s stock worth $5,286,000 after buying an additional 2,006 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Madison Square Garden by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company’s stock worth $4,830,000 after buying an additional 5,452 shares during the period. United Services Automobile Association purchased a new position in shares of Madison Square Garden in the 1st quarter worth $210,000. Finally, Empowered Funds LLC boosted its holdings in Madison Square Garden by 10.8% in the first quarter. Empowered Funds LLC now owns 2,055 shares of the company’s stock valued at $400,000 after acquiring an additional 200 shares during the last quarter. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Stock Up 1.1%

MSGS opened at $310.82 on Tuesday. The firm’s 50 day moving average is $300.96 and its 200-day moving average is $253.90. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $345.46. The firm has a market capitalization of $7.48 billion, a P/E ratio of -450.47 and a beta of 0.56.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Thursday, February 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.32). The firm had revenue of $403.42 million for the quarter, compared to analyst estimates of $394.58 million. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. Equities analysts expect that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $325.26, for a total value of $1,840,646.34. Following the completion of the transaction, the director directly owned 435 shares of the company’s stock, valued at $141,488.10. This represents a 92.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 19.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wall Street Zen raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 14th. Guggenheim reaffirmed a “buy” rating on shares of Madison Square Garden in a research note on Thursday, February 5th. Wolfe Research cut Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. Citigroup increased their target price 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. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $286.00.

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.