Gamco Investors INC. ET AL lowered its stake in shares of Madison Square Garden Co (NYSE:MSG) by 3.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 793,108 shares of the company’s stock after selling 28,831 shares during the period. Madison Square Garden comprises about 1.7% of Gamco Investors INC. ET AL’s holdings, making the stock its 3rd largest position. Gamco Investors INC. ET AL’s holdings in Madison Square Garden were worth $250,083,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legal & General Group Plc grew its holdings in Madison Square Garden by 9.4% in the first quarter. Legal & General Group Plc now owns 11,504 shares of the company’s stock worth $2,828,000 after purchasing an additional 984 shares during the period. Royal Bank of Canada grew its holdings in Madison Square Garden by 23.2% in the first quarter. Royal Bank of Canada now owns 18,806 shares of the company’s stock worth $4,622,000 after purchasing an additional 3,540 shares during the period. CIBC World Markets Inc. purchased a new stake in Madison Square Garden in the first quarter worth about $231,000. Allianz Asset Management GmbH purchased a new stake in Madison Square Garden in the first quarter worth about $243,000. Finally, Clinton Group Inc. purchased a new stake in Madison Square Garden in the second quarter worth about $629,000. Institutional investors own 70.40% of the company’s stock.
MSG has been the topic of a number of recent research reports. Morgan Stanley upped their price objective on shares of Madison Square Garden from $315.00 to $320.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 31st. Zacks Investment Research upgraded shares of Madison Square Garden from a “hold” rating to a “buy” rating and set a $316.00 target price on the stock in a research note on Wednesday, October 24th. Imperial Capital assumed coverage on shares of Madison Square Garden in a research note on Tuesday, August 21st. They issued an “outperform” rating and a $372.00 target price on the stock. Guggenheim upped their target price on shares of Madison Square Garden to $350.00 and gave the stock a “buy” rating in a research note on Thursday, August 23rd. Finally, Macquarie reiterated a “buy” rating and issued a $356.00 target price on shares of Madison Square Garden in a research note on Tuesday, October 30th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $333.14.
Shares of NYSE MSG opened at $262.09 on Monday. The company has a market capitalization of $6.20 billion, a PE ratio of 44.12, a PEG ratio of 11.43 and a beta of 0.70. Madison Square Garden Co has a 52-week low of $205.22 and a 52-week high of $330.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.72 and a current ratio of 1.72.
Madison Square Garden (NYSE:MSG) last issued its earnings results on Thursday, November 1st. The company reported ($1.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.13) by $0.77. The firm had revenue of $218.14 million for the quarter, compared to the consensus estimate of $211.48 million. Madison Square Garden had a net margin of 7.86% and a return on equity of 0.27%. The business’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.47) earnings per share. On average, research analysts anticipate that Madison Square Garden Co will post 0.89 earnings per share for the current year.
About Madison Square Garden
The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.
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