Madison Square Garden (NYSE:MSGS) Given New $240.00 Price Target at JPMorgan Chase & Co.

Madison Square Garden (NYSE:MSGS) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $230.00 to $240.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 9.80% from the stock’s previous close.

A number of other equities research analysts have also weighed in on MSGS. BTIG Research started coverage on Madison Square Garden in a research note on Tuesday, October 7th. They set a “neutral” rating on the stock. Morgan Stanley lifted their target price on Madison Square Garden from $215.00 to $220.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 13th. Citigroup initiated coverage on shares of Madison Square Garden in a research note on Tuesday, September 9th. They set a “buy” rating and a $285.00 price objective for the company. 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. Finally, Zacks Research raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $260.50.

Madison Square Garden Stock Performance

MSGS stock traded up $4.18 during trading on Monday, reaching $218.57. 23,854 shares of the company traded hands, compared to its average volume of 168,955. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of -223.03 and a beta of 0.77. The business has a 50 day simple moving average of $215.64 and a 200 day simple moving average of $203.75. Madison Square Garden has a 12 month low of $173.26 and a 12 month high of $237.99.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings results on Friday, October 31st. The company reported ($0.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.67. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The business had revenue of $39.45 million for the quarter, compared to analysts’ expectations of $41.41 million. During the same period last year, the business earned ($0.31) EPS. The company’s revenue was down 26.0% compared to the same quarter last year. As a group, research analysts forecast that Madison Square Garden will post 0.73 EPS for the current 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. Farther Finance Advisors LLC increased its position in shares of Madison Square Garden by 5,450.0% during the third quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after purchasing an additional 109 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in Madison Square Garden during the 3rd quarter worth $27,000. Fifth Third Bancorp boosted its stake in Madison Square Garden by 59.5% during the 2nd quarter. Fifth Third Bancorp now owns 185 shares of the company’s stock worth $39,000 after purchasing an additional 69 shares during the last quarter. Covestor Ltd grew its holdings in shares of Madison Square Garden by 35.5% during the first quarter. Covestor Ltd now owns 416 shares of the company’s stock worth $81,000 after buying an additional 109 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Madison Square Garden by 313.4% in the second quarter. Tower Research Capital LLC TRC now owns 401 shares of the company’s stock valued at $84,000 after buying an additional 304 shares during the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

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.