Huntington National Bank reduced its holdings in Madison Square Garden Co (NYSE:MSG) by 46.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92 shares of the company’s stock after selling 80 shares during the quarter. Huntington National Bank’s holdings in Madison Square Garden were worth $26,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of MSG. Norges Bank acquired a new stake in Madison Square Garden in the 4th quarter valued at approximately $60,308,000. BlackRock Inc. increased its position in Madison Square Garden by 4.2% in the 1st quarter. BlackRock Inc. now owns 964,050 shares of the company’s stock valued at $282,590,000 after acquiring an additional 38,682 shares during the period. Parametric Portfolio Associates LLC increased its position in shares of Madison Square Garden by 29.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 112,897 shares of the company’s stock valued at $33,093,000 after purchasing an additional 26,012 shares during the period. Selz Capital LLC acquired a new position in shares of Madison Square Garden during the 1st quarter valued at $6,683,000. Finally, General American Investors Co. Inc. increased its position in shares of Madison Square Garden by 91.2% during the 1st quarter. General American Investors Co. Inc. now owns 43,021 shares of the company’s stock valued at $12,611,000 after purchasing an additional 20,521 shares during the period. Hedge funds and other institutional investors own 72.65% of the company’s stock.
Several brokerages have recently issued reports on MSG. Morgan Stanley lifted their price target on Madison Square Garden from $310.00 to $340.00 and gave the company an “equal weight” rating in a research report on Thursday, April 25th. Zacks Investment Research cut Madison Square Garden from a “buy” rating to a “hold” rating in a research report on Tuesday, May 14th. ValuEngine cut Madison Square Garden from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 21st. Finally, Imperial Capital lowered their price target on Madison Square Garden from $383.00 to $376.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $353.40.
Madison Square Garden (NYSE:MSG) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.10. The company had revenue of $517.19 million for the quarter, compared to analysts’ expectations of $525.06 million. Madison Square Garden had a return on equity of 1.48% and a net margin of 2.29%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. As a group, sell-side analysts predict that Madison Square Garden Co will post 0.89 EPS for the current year.
Madison Square Garden Company Profile
The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.
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