Madison Square Garden (NYSE:MSGS) Reaches New 1-Year High – Time to Buy?

by · The Markets Daily

The Madison Square Garden Company (NYSE:MSGS – Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $243.71 and last traded at $238.4080, with a volume of 29372 shares trading hands. The stock had previously closed at $235.33.

Wall Street Analyst Weigh In

A number of research firms have commented on MSGS. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. BTIG Research assumed coverage on shares of Madison Square Garden in a report on Tuesday, October 7th. They issued a “neutral” rating on the stock. Wolfe Research reaffirmed an “outperform” rating on shares of Madison Square Garden in a report on Monday, November 3rd. Citigroup initiated coverage on shares of Madison Square Garden in a research report on Tuesday, September 9th. They issued a “buy” rating and a $285.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Monday, November 3rd. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Madison Square Garden presently has a consensus rating of “Moderate Buy” and an average price target of $260.50.

Get Our Latest Research Report on MSGS

Madison Square Garden Trading Up 1.2%

The business has a 50-day moving average price of $221.90 and a 200 day moving average price of $209.35. The stock has a market capitalization of $5.72 billion, a P/E ratio of -242.54 and a beta of 0.66.

Madison Square Garden (NYSE:MSGS – Get Free Report) last issued its quarterly earnings data on Friday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.67. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.31%.The business had revenue of $39.45 million for the quarter, compared to the consensus estimate of $41.41 million. During the same period in the prior year, the business posted ($0.31) earnings per share. The company’s quarterly revenue was down 26.0% compared to the same quarter last year. On average, sell-side analysts predict that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC increased its stake in Madison Square Garden by 5,450.0% in 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 during the period. Salomon & Ludwin LLC purchased a new position in shares of Madison Square Garden during the third quarter worth approximately $27,000. Accredited Wealth Management LLC boosted its holdings in shares of Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after purchasing an additional 131 shares during the period. Fifth Third Bancorp raised its position in Madison Square Garden by 59.5% during the 2nd quarter. Fifth Third Bancorp now owns 185 shares of the company’s stock valued at $39,000 after purchasing an additional 69 shares in the last quarter. Finally, Hantz Financial Services Inc. bought a new stake in Madison Square Garden during the 3rd quarter valued at $80,000. Institutional investors own 68.94% of the company’s stock.

About Madison Square Garden

(Get Free Report)

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.

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