The Madison Square Garden Company $MSGS Shares Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its position in shares of The Madison Square Garden Company (NYSE:MSGS) by 2.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,215 shares of the company’s stock after purchasing an additional 2,177 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Madison Square Garden were worth $34,935,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new stake in Madison Square Garden during the second quarter worth $4,331,000. Hsbc Holdings PLC purchased a new position in Madison Square Garden in the fourth quarter valued at $5,596,000. Odyssean LLC increased its holdings in Madison Square Garden by 64.4% in the second quarter. Odyssean LLC now owns 7,728 shares of the company’s stock valued at $3,105,000 after buying an additional 3,028 shares in the last quarter. Empowered Funds LLC increased its holdings in Madison Square Garden by 211.7% in the first quarter. Empowered Funds LLC now owns 11,309 shares of the company’s stock valued at $3,635,000 after buying an additional 7,681 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Madison Square Garden in the second quarter worth about $1,838,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Price Performance

Shares of MSGS stock opened at $413.17 on Wednesday. The Madison Square Garden Company has a 1-year low of $207.90 and a 1-year high of $438.93. The company has a market cap of $9.95 billion, a price-to-earnings ratio of 1,377.27 and a beta of 0.62. The stock has a 50 day simple moving average of $400.04 and a 200-day simple moving average of $378.76.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings results on Thursday, August 13th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.52. Madison Square Garden had a net margin of 0.67% and a negative return on equity of 3.47%. The firm had revenue of $278.75 million for the quarter, compared to analysts’ expectations of $227.67 million. During the same quarter last year, the company earned ($0.07) EPS. The firm’s revenue for the quarter was up 36.6% compared to the same quarter last year. Analysts anticipate that The Madison Square Garden Company will post -1.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MSGS. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Friday, August 14th. Guggenheim raised their target price on Madison Square Garden from $522.00 to $584.00 and gave the company a “buy” rating in a research report on Friday, August 14th. JPMorgan Chase & Co. lifted their price target on Madison Square Garden from $450.00 to $485.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Weiss Ratings upgraded Madison Square Garden from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 14th. Finally, Morgan Stanley raised Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price target for the company in a report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $471.20.

Madison Square Garden News Roundup

Here are the key news stories impacting Madison Square Garden this week:

• Positive Sentiment: The Knicks’ championship banner-raising ceremony and season opener drew significant attention, celebrities and fan interest to Madison Square Garden. The event strengthens MSG’s status as a premier sports and entertainment venue and could support higher event-related revenue. MSG set for historic Knicks banner-raising ceremony as new season tips off
• Positive Sentiment: Reportedly high ticket prices for the Knicks’ matchup with LeBron James and the Philadelphia 76ers signal strong demand and potential pricing power for MSG’s live sports inventory. New York Knicks Fans Face Stunning Price to See LeBron James, 76ers at MSG
• Positive Sentiment: The Knicks announced Yelophant as an Official Partner in the team’s first major partnership using international marketing rights with a China-based company. The deal expands the Knicks’ commercial reach and may create additional sponsorship opportunities. Yelophant Named Official Partner of the New York Knicks
• Positive Sentiment: Giggly Squad hosts Hannah Berner and Paige DeSorbo are scheduled to bring their podcast to Madison Square Garden, adding another major entertainment booking and broadening the venue’s event mix. Giggly Squad Podcast To Play Madison Square Garden

Madison Square Garden Profile

Madison Square Garden Sports Corp. (NYSE: MSGS) is a sports and entertainment company that owns and operates professional sports franchises. Its principal assets include the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League. The company also owns the NBA G League’s Westchester Knicks and operates team-related businesses involving ticketing, sponsorships, media rights, merchandising and licensing.

Through its teams and related commercial activities, Madison Square Garden Sports serves fans primarily in the New York metropolitan area while reaching national and international audiences through league broadcasts, digital media, live events and branded merchandise.