Police & Firemen s Retirement System of New Jersey Cuts Stake in The Madison Square Garden Company $MSGS

Police & Firemen s Retirement System of New Jersey lessened its holdings in shares of The Madison Square Garden Company (NYSE:MSGS) by 9.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,020 shares of the company’s stock after selling 614 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Madison Square Garden were worth $1,258,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Atria Wealth Solutions Inc. lifted its stake in Madison Square Garden by 100.0% in the 1st quarter. Atria Wealth Solutions Inc. now owns 3,100 shares of the company’s stock worth $604,000 after purchasing an additional 1,550 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Madison Square Garden in the first quarter worth about $575,000. Inspire Trust Co. N.A. lifted its position in shares of Madison Square Garden by 28.6% in the first quarter. Inspire Trust Co. N.A. now owns 9,000 shares of the company’s stock worth $1,752,000 after buying an additional 2,000 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Madison Square Garden by 5.4% in the first quarter. Royal Bank of Canada now owns 54,949 shares of the company’s stock worth $10,701,000 after buying an additional 2,818 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Madison Square Garden by 16.7% during the first quarter. Invesco Ltd. now owns 97,121 shares of the company’s stock valued at $18,911,000 after buying an additional 13,863 shares during the last quarter. 68.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MSGS. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a research note on Wednesday. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Citigroup started 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 target on the stock. Morgan Stanley increased their price objective on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 13th. Finally, Wolfe Research restated an “outperform” rating on shares of Madison Square Garden in a report on Monday, November 3rd. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $260.50.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $216.67 on Friday. The firm has a market capitalization of $5.20 billion, a PE ratio of -221.09 and a beta of 0.77. The stock’s fifty day moving average is $220.62 and its 200 day moving average is $206.31. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data on Friday, October 31st. The company reported ($0.37) EPS for the quarter, topping the consensus estimate 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 company had revenue of $39.45 million during the quarter, compared to analyst estimates of $41.41 million. During the same period in the previous year, the firm earned ($0.31) earnings per share. Madison Square Garden’s quarterly revenue was down 26.0% compared to the same quarter last year. Equities analysts forecast that The Madison Square Garden Company will post 0.73 EPS for the current year.

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.