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

The Madison Square Garden Company (NYSE:MSGS)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $299.01 and last traded at $289.5690, with a volume of 25142 shares. The stock had previously closed at $291.48.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Wolfe Research cut shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a research report on Monday, December 15th. Guggenheim reaffirmed a “buy” rating on shares of Madison Square Garden in a research note on Thursday, February 5th. JPMorgan Chase & Co. raised their target price on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. Five 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 company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $280.00.

Madison Square Garden Price Performance

The stock’s 50 day moving average is $271.24 and its 200-day moving average is $234.26. The company has a market capitalization of $7.86 billion, a P/E ratio of -473.03 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.32). The business had revenue of $403.42 million during the quarter, compared to analysts’ expectations of $394.58 million. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the business earned $0.05 EPS. On average, equities research analysts anticipate that The Madison Square Garden Company will post 0.73 EPS for the current year.

Hedge Funds Weigh In On Madison Square Garden

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new position in shares of Madison Square Garden in the 4th quarter worth about $26,000. Farther Finance Advisors LLC boosted its stake in Madison Square Garden by 5,450.0% during the third quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after acquiring an additional 109 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in Madison Square Garden in the third quarter worth about $27,000. Global Retirement Partners LLC increased its stake in shares of Madison Square Garden by 1,150.0% during the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares in the last quarter. Finally, Accredited Wealth Management LLC increased its stake in shares of Madison Square Garden by 524.0% during the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after purchasing an additional 131 shares in the last quarter. Hedge funds and other institutional investors 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.