Lafayette Investments Inc. Sells 60 Shares of The Madison Square Garden Company (NYSE:MSGS)

Lafayette Investments Inc. trimmed its position in shares of The Madison Square Garden Company (NYSE:MSGS) by 0.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 14,156 shares of the company’s stock after selling 60 shares during the quarter. Lafayette Investments Inc.’s holdings in Madison Square Garden were worth $2,757,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MSGS. T. Rowe Price Investment Management Inc. boosted its stake in Madison Square Garden by 1,854.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 498,607 shares of the company’s stock worth $112,526,000 after purchasing an additional 473,090 shares during the period. Norges Bank bought a new stake in Madison Square Garden during the 4th quarter worth approximately $54,052,000. GAMMA Investing LLC lifted its stake in Madison Square Garden by 14,886.7% in the 1st quarter. GAMMA Investing LLC now owns 137,278 shares of the company’s stock worth $26,731,000 after purchasing an additional 136,362 shares in the last quarter. Wealthfront Advisers LLC purchased a new stake in Madison Square Garden in the 4th quarter worth approximately $16,844,000. Finally, Balyasny Asset Management L.P. grew its position in shares of Madison Square Garden by 89.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 127,556 shares of the company’s stock valued at $28,787,000 after purchasing an additional 60,112 shares in the last quarter. 68.94% of the stock is currently owned by institutional investors.

Madison Square Garden Stock Up 0.4%

Madison Square Garden stock opened at $206.50 on Friday. The Madison Square Garden Company has a twelve month low of $173.26 and a twelve month high of $237.99. The firm has a fifty day simple moving average of $192.84 and a two-hundred day simple moving average of $202.44. The company has a market capitalization of $4.96 billion, a PE ratio of 983.38 and a beta of 0.77.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.07). The firm had revenue of $424.20 million for the quarter, compared to the consensus estimate of $436.84 million. Madison Square Garden had a net margin of 0.45% and a negative return on equity of 1.76%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.57 earnings per share. As a group, equities analysts expect that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MSGS has been the topic of a number of recent analyst reports. Susquehanna assumed coverage on Madison Square Garden in a research report on Monday, April 28th. They issued a “positive” rating and a $254.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Madison Square Garden from $240.00 to $230.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Guggenheim reiterated a “buy” rating and issued a $314.00 target price on shares of Madison Square Garden in a research report on Tuesday, May 6th. Finally, Morgan Stanley lowered their price target on Madison Square Garden from $235.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Monday, May 5th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $252.60.

Madison Square Garden Profile

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.