Madison Square Garden (NYSE:MSGS) Stock Price Down 4.3% – Should You Sell?

The Madison Square Garden Company (NYSE:MSGS)’s share price traded down 4.3% during mid-day trading on Friday . The company traded as low as $325.13 and last traded at $326.9150. 7,360 shares were traded during mid-day trading, a decline of 97% from the average session volume of 247,779 shares. The stock had previously closed at $341.76.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MSGS shares. JPMorgan Chase & Co. raised their price objective on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday, December 29th. Citigroup boosted 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. Guggenheim reiterated a “buy” rating on shares of Madison Square Garden in a research note on Thursday, February 5th. Finally, Wolfe Research cut Madison Square Garden from an “outperform” rating to a “hold” rating in a research report on Monday, December 15th. Five equities 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $280.00.

Madison Square Garden Stock Down 1.1%

The firm has a market capitalization of $7.82 billion, a PE ratio of -471.05 and a beta of 0.61. The stock has a 50-day moving average price of $273.06 and a 200 day moving average price of $234.90.

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

Hedge Funds Weigh In On Madison Square Garden

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Madison Square Garden by 67.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock worth $180,895,000 after buying an additional 282,318 shares in the last quarter. Reinhart Partners LLC. purchased a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $55,586,000. Norges Bank acquired a new position in Madison Square Garden during the fourth quarter worth $51,107,000. TOMS Capital Investment Management LP boosted its holdings in Madison Square Garden by 82.7% during the 4th quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company’s stock valued at $85,278,000 after acquiring an additional 149,205 shares during the period. Finally, Bollard Group LLC acquired a new position in Madison Square Garden in the 2nd quarter valued at about $25,283,000. 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.