Corsair Capital Management L.P. Has $3.94 Million Position in Madison Square Garden Co (MSG)
Corsair Capital Management L.P. cut its holdings in Madison Square Garden Co (NYSE:MSG) by 4.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,505 shares of the company’s stock after selling 533 shares during the period. Madison Square Garden accounts for 0.9% of Corsair Capital Management L.P.’s investment portfolio, making the stock its 28th biggest position. Corsair Capital Management L.P.’s holdings in Madison Square Garden were worth $3,943,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Madison Square Garden in the 2nd quarter valued at $118,000. Sageworth Trust Co boosted its holdings in Madison Square Garden by 1,257.5% in the 3rd quarter. Sageworth Trust Co now owns 543 shares of the company’s stock valued at $171,000 after purchasing an additional 503 shares during the period. Massey Quick Simon & CO. LLC bought a new position in Madison Square Garden in the 2nd quarter valued at $206,000. Comerica Bank bought a new position in Madison Square Garden in the 2nd quarter valued at $237,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in Madison Square Garden by 837.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 759 shares of the company’s stock valued at $235,000 after purchasing an additional 678 shares during the period. 69.86% of the stock is owned by institutional investors.
Madison Square Garden stock opened at $271.02 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.72 and a current ratio of 1.72. The firm has a market cap of $6.20 billion, a PE ratio of 45.63, a P/E/G ratio of 43.38 and a beta of 0.68. Madison Square Garden Co has a fifty-two week low of $205.22 and a fifty-two week high of $330.00.
MSG has been the subject of several analyst reports. Macquarie reissued a “buy” rating and issued a $356.00 price target on shares of Madison Square Garden in a report on Tuesday, October 30th. Guggenheim raised their price target on shares of Madison Square Garden to $350.00 and gave the company a “buy” rating in a report on Thursday, August 23rd. Morgan Stanley raised their price target on shares of Madison Square Garden from $315.00 to $320.00 and gave the company an “equal weight” rating in a report on Wednesday, October 31st. Imperial Capital initiated coverage on shares of Madison Square Garden in a research report on Tuesday, August 21st. They set an “outperform” rating and a $372.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Madison Square Garden from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $342.67.
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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