Gabelli Funds LLC Has $101.98 Million Position in The Madison Square Garden Company $MSGS

Gabelli Funds LLC grew its stake in The Madison Square Garden Company (NYSE:MSGS) by 0.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 394,292 shares of the company’s stock after acquiring an additional 3,607 shares during the quarter. Madison Square Garden accounts for 0.7% of Gabelli Funds LLC’s holdings, making the stock its 26th biggest position. Gabelli Funds LLC’s holdings in Madison Square Garden were worth $101,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Accredited Wealth Management LLC boosted its stake in Madison Square Garden by 524.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after acquiring an additional 131 shares during the last quarter. Salomon & Ludwin LLC increased its stake in Madison Square Garden by 33.1% in the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 39 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in Madison Square Garden in the fourth quarter worth $45,000. Allworth Financial LP raised its holdings in Madison Square Garden by 26.5% in the fourth quarter. Allworth Financial LP now owns 196 shares of the company’s stock worth $51,000 after purchasing an additional 41 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Madison Square Garden during the fourth quarter worth $74,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Stock Down 0.1%

Madison Square Garden stock opened at $351.33 on Monday. The company has a 50 day moving average of $326.31 and a 200-day moving average of $282.86. The Madison Square Garden Company has a twelve month low of $186.00 and a twelve month high of $357.42. The stock has a market capitalization of $8.46 billion, a PE ratio of -377.77 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to analyst estimates of $429.66 million. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.59) EPS. Equities analysts anticipate that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MSGS. Wall Street Zen cut shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday. JPMorgan Chase & Co. lifted their target price on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Weiss Ratings raised Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. Seaport Research Partners upgraded Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price target for the company in a report on Friday, April 10th. Finally, Guggenheim raised their price target on Madison Square Garden from $401.00 to $422.00 and gave the stock a “buy” rating in a research report on Friday. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Madison Square Garden currently has a consensus rating of “Hold” and a consensus price target of $342.20.

Insider Transactions at Madison Square Garden

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the completion of the transaction, the director owned 435 shares in the company, valued at approximately $141,488.10. This represents a 92.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 19.07% of the company’s stock.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.