Los Angeles Capital Management & Equity Research Inc. grew its stake in shares of Madison Square Garden Co (NYSE:MSG) by 33.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 77,618 shares of the company’s stock after buying an additional 19,383 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.33% of Madison Square Garden worth $24,475,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Madison Square Garden during the second quarter worth $118,000. Sageworth Trust Co grew its stake in shares of Madison Square Garden by 1,257.5% in the third quarter. Sageworth Trust Co now owns 543 shares of the company’s stock worth $171,000 after purchasing an additional 503 shares during the last quarter. Massey Quick Simon & CO. LLC bought a new stake in shares of Madison Square Garden in the second quarter worth $206,000. BNP Paribas Arbitrage SA grew its stake in shares of Madison Square Garden by 837.0% in the second quarter. BNP Paribas Arbitrage SA now owns 759 shares of the company’s stock worth $235,000 after purchasing an additional 678 shares during the last quarter. Finally, Comerica Bank bought a new stake in shares of Madison Square Garden in the second quarter worth $237,000. 70.40% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently weighed in on the stock. Macquarie reissued a “buy” rating and issued a $356.00 price objective on shares of Madison Square Garden in a research note on Tuesday, October 30th. Guggenheim boosted their price objective on shares of Madison Square Garden to $350.00 and gave the stock a “buy” rating in a research note on Thursday, August 23rd. Morgan Stanley boosted their price objective on shares of Madison Square Garden from $260.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised shares of Madison Square Garden from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Finally, Imperial Capital assumed coverage on shares of Madison Square Garden in a research note on Tuesday, August 21st. They issued an “outperform” rating and a $372.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $344.00.
MSG stock opened at $272.50 on Friday. The firm has a market capitalization of $6.50 billion, a P/E ratio of 1,017.15, a PEG ratio of 14.49 and a beta of 0.70. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.04. Madison Square Garden Co has a 12-month low of $205.22 and a 12-month high of $330.00.
Madison Square Garden (NYSE:MSG) last released its earnings results on Thursday, November 1st. The company reported ($1.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.13) by $0.77. The business had revenue of $218.14 million for the quarter, compared to analyst estimates of $211.48 million. Madison Square Garden had a net margin of 7.86% and a return on equity of 0.27%. Madison Square Garden’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.47) earnings per share. Equities analysts anticipate that Madison Square Garden Co will post 0.74 earnings per share for the current fiscal year.
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About Madison Square Garden
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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