Madison Square Garden (NYSE:MSGS) Issues Quarterly Earnings Results, Beats Estimates By $0.67 EPS

Madison Square Garden (NYSE:MSGS) announced its quarterly earnings data on Friday. The company reported ($0.37) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.67, Zacks reports. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.16%.The firm had revenue of $39.45 million during the quarter, compared to analyst estimates of $41.41 million. During the same period last year, the company earned ($0.31) earnings per share. The company’s revenue was down 26.0% on a year-over-year basis.

Madison Square Garden Trading Down 4.3%

MSGS opened at $215.02 on Friday. Madison Square Garden has a 1-year low of $173.26 and a 1-year high of $237.99. The company has a market cap of $5.16 billion, a price-to-earnings ratio of -219.41 and a beta of 0.78. The company’s fifty day moving average price is $215.64 and its two-hundred day moving average price is $203.65.

Analyst Ratings Changes

Several research firms have weighed in on MSGS. Citigroup assumed coverage on Madison Square Garden in a report on Tuesday, September 9th. They set a “buy” rating and a $285.00 target price on the stock. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Saturday, October 25th. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Morgan Stanley raised their price target on shares of Madison Square Garden from $215.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 13th. Finally, BTIG Research initiated coverage on Madison Square Garden in a research report on Tuesday, October 7th. They issued a “neutral” rating on the stock. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $258.83.

Institutional Investors Weigh In On Madison Square Garden

A number of institutional investors have recently added to or reduced their stakes in the company. Quantinno Capital Management LP raised its holdings in shares of Madison Square Garden by 64.5% in the 2nd quarter. Quantinno Capital Management LP now owns 55,124 shares of the company’s stock worth $11,518,000 after purchasing an additional 21,617 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Madison Square Garden by 9.5% in the second quarter. The Manufacturers Life Insurance Company now owns 234,657 shares of the company’s stock valued at $49,032,000 after acquiring an additional 20,277 shares during the period. AQR Capital Management LLC grew its stake in Madison Square Garden by 13.1% during the second quarter. AQR Capital Management LLC now owns 56,003 shares of the company’s stock valued at $11,702,000 after acquiring an additional 6,501 shares in the last quarter. HRT Financial LP increased its holdings in Madison Square Garden by 27.5% during the 2nd quarter. HRT Financial LP now owns 34,982 shares of the company’s stock worth $7,309,000 after acquiring an additional 7,545 shares during the period. Finally, Man Group plc increased its holdings in Madison Square Garden by 23.8% during the 2nd quarter. Man Group plc now owns 31,761 shares of the company’s stock worth $6,636,000 after acquiring an additional 6,112 shares during the period. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.