Pinebridge Investments LLC Takes Position in The Madison Square Garden Company $MSGS

Pinebridge Investments LLC purchased a new stake in shares of The Madison Square Garden Company (NYSE:MSGS) during the fourth quarter, Holdings Channel reports. The fund purchased 3,191 shares of the company’s stock, valued at approximately $825,000.

A number of other hedge funds have also recently made changes to their positions in MSGS. Reinhart Partners LLC. acquired a new stake in shares of Madison Square Garden during the fourth quarter valued at about $55,586,000. Norges Bank acquired a new position in shares of Madison Square Garden in the fourth quarter worth approximately $51,107,000. Scopus Asset Management L.P. acquired a new position in shares of Madison Square Garden in the second quarter worth approximately $14,787,000. Citigroup Inc. lifted its stake in shares of Madison Square Garden by 294.7% in the third quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock worth $9,016,000 after acquiring an additional 29,656 shares during the period. Finally, New Age Alpha Advisors LLC lifted its stake in shares of Madison Square Garden by 3,115.1% in the third quarter. New Age Alpha Advisors LLC now owns 25,785 shares of the company’s stock worth $5,853,000 after acquiring an additional 24,983 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Stock Performance

Shares of MSGS opened at $384.19 on Wednesday. The Madison Square Garden Company has a 52-week low of $186.00 and a 52-week high of $392.56. The business’s 50 day moving average price is $344.94 and its two-hundred day moving average price is $300.85. The firm has a market cap of $9.25 billion, a PE ratio of -413.10 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($1.39). The business had revenue of $432.20 million during the quarter, compared to analysts’ expectations of $429.66 million. During the same quarter in the previous year, the business posted ($0.59) earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. Research analysts predict that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MSGS has been the topic of a number of recent analyst reports. Guggenheim lifted their price objective on Madison Square Garden from $422.00 to $470.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wall Street Zen lowered Madison Square Garden from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings raised Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. Citigroup lifted their price objective on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Finally, Susquehanna lifted their price objective on Madison Square Garden from $404.00 to $429.00 and gave the stock a “positive” rating in a research note on Thursday, May 28th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Madison Square Garden has an average rating of “Hold” and an average target price of $356.80.

Madison Square Garden Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.