Madison Square Garden (NYSE:MSGS) Releases Quarterly Earnings Results, Misses Estimates By $1.39 EPS

Madison Square Garden (NYSE:MSGS) posted its earnings results on Friday. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of $0.56 by ($1.39), Briefing.com reports. The company had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. Madison Square Garden’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.59) EPS.

Madison Square Garden Price Performance

MSGS stock opened at $328.73 on Friday. The business has a fifty day moving average price of $323.98 and a 200 day moving average price of $277.92. Madison Square Garden has a fifty-two week low of $186.00 and a fifty-two week high of $345.50. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -353.47 and a beta of 0.59.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MSGS shares. Citigroup downgraded Madison Square Garden from a “buy” rating to a “neutral” rating and raised their target price for the stock from $337.00 to $355.00 in a research report on Thursday, April 23rd. JPMorgan Chase & Co. raised their target price on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Wall Street Zen upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 14th. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Finally, Guggenheim raised their target price on Madison Square Garden from $355.00 to $401.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $333.80.

Insiders Place Their Bets

In related news, Director Charles P. Dolan sold 5,659 shares of the firm’s stock in a transaction on 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 sale, the director directly owned 435 shares of the company’s stock, valued at $141,488.10. This trade represents a 92.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Madison Square Garden

A number of hedge funds and other institutional investors have recently bought and sold shares of MSGS. Price T Rowe Associates Inc. MD increased its holdings in Madison Square Garden by 67.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock valued at $180,895,000 after purchasing an additional 282,318 shares in the last quarter. TOMS Capital Investment Management LP increased its holdings in Madison Square Garden by 82.7% during the 4th quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company’s stock valued at $85,278,000 after purchasing an additional 149,205 shares in the last quarter. Millennium Management LLC increased its holdings in Madison Square Garden by 182.0% during the 4th quarter. Millennium Management LLC now owns 131,123 shares of the company’s stock valued at $33,915,000 after purchasing an additional 84,628 shares in the last quarter. Scopus Asset Management L.P. acquired a new stake in Madison Square Garden during the 2nd quarter valued at $14,787,000. Finally, T. Rowe Price Investment Management Inc. increased its holdings in Madison Square Garden by 8.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 648,515 shares of the company’s stock valued at $167,739,000 after purchasing an additional 49,412 shares in the last quarter. 68.94% of the stock is owned by institutional investors and hedge funds.

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.