Clearbridge Investments LLC Sells 59,235 Shares of The Madison Square Garden Company $MSGS

Clearbridge Investments LLC trimmed its stake in shares of The Madison Square Garden Company (NYSE:MSGS) by 11.6% in the fourth quarter, HoldingsChannel reports. The firm owned 453,585 shares of the company’s stock after selling 59,235 shares during the quarter. Clearbridge Investments LLC’s holdings in Madison Square Garden were worth $117,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC boosted its position in Madison Square Garden by 33.1% during the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock worth $40,000 after purchasing an additional 39 shares during the period. Allworth Financial LP boosted its position in 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 purchasing an additional 41 shares during the period. Cibc World Market Inc. boosted its position in Madison Square Garden by 2.3% during the fourth quarter. Cibc World Market Inc. now owns 1,924 shares of the company’s stock worth $498,000 after purchasing an additional 43 shares during the period. Two Sigma Investments LP boosted its position in Madison Square Garden by 0.4% during the third quarter. Two Sigma Investments LP now owns 11,898 shares of the company’s stock worth $2,701,000 after purchasing an additional 48 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Madison Square Garden by 1.2% in the third quarter. Sei Investments Co. now owns 4,289 shares of the company’s stock valued at $974,000 after acquiring an additional 52 shares during the period. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Stock Up 0.1%

MSGS opened at $386.54 on Monday. The Madison Square Garden Company has a twelve month low of $186.00 and a twelve month high of $390.12. The company has a 50-day simple moving average of $342.10 and a 200 day simple moving average of $298.48. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of -415.63 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to analyst estimates of $429.66 million. During the same period last year, the company earned ($0.59) earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Sell-side analysts anticipate that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MSGS shares. Wall Street Zen cut shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings raised shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Guggenheim boosted their target price on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Seaport Research Partners boosted their target price on shares of Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Finally, Susquehanna boosted their target price on shares of Madison Square Garden from $404.00 to $429.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Madison Square Garden has an average rating of “Hold” and an average target price of $356.80.

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.