Reinhart Partners LLC. Trims Holdings in The Madison Square Garden Company $MSGS

Reinhart Partners LLC. trimmed its holdings in The Madison Square Garden Company (NYSE:MSGS) by 0.8% in the 2nd quarter, Holdings Channel reports. The fund owned 223,173 shares of the company’s stock after selling 1,796 shares during the quarter. Madison Square Garden accounts for about 2.0% of Reinhart Partners LLC.’s investment portfolio, making the stock its 27th biggest position. Reinhart Partners LLC.’s holdings in Madison Square Garden were worth $89,687,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in Madison Square Garden by 4.7% during the second quarter. GAMMA Investing LLC now owns 1,275 shares of the company’s stock worth $512,000 after acquiring an additional 57 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Madison Square Garden by 2.6% during the second quarter. Versant Capital Management Inc now owns 1,214 shares of the company’s stock valued at $488,000 after purchasing an additional 31 shares in the last quarter. Glenmede Trust Co. NA purchased a new position in shares of Madison Square Garden during the first quarter valued at approximately $201,000. Argent Capital Management LLC lifted its holdings in shares of Madison Square Garden by 54.6% during the first quarter. Argent Capital Management LLC now owns 4,503 shares of the company’s stock valued at $1,447,000 after purchasing an additional 1,591 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Madison Square Garden in the 1st quarter worth approximately $7,110,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MSGS. Morgan Stanley upgraded Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price target on the stock in a research note on Wednesday, July 15th. Citigroup boosted their target price on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Madison Square Garden in a research note on Wednesday, June 24th. Susquehanna raised their price target on Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen raised Madison Square Garden from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Madison Square Garden presently has an average rating of “Hold” and an average price target of $442.40.

Madison Square Garden Stock Down 0.3%

NYSE:MSGS opened at $390.52 on Friday. The company’s 50 day moving average price is $387.63 and its 200-day moving average price is $343.48. The Madison Square Garden Company has a 52 week low of $188.60 and a 52 week high of $411.73. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of -419.91 and a beta of 0.62.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share 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 the consensus estimate of $429.66 million. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.59) EPS. As a group, sell-side analysts anticipate that The Madison Square Garden Company will post -0.06 earnings per share for the current year.

About Madison Square Garden

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.