Bank of New York Mellon Corp Trims Stake in Madison Square Garden Sports Corp. (NYSE:MSGS)

Bank of New York Mellon Corp trimmed its holdings in shares of Madison Square Garden Sports Corp. (NYSE:MSGS) by 1.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 110,138 shares of the company’s stock after selling 1,950 shares during the period. Bank of New York Mellon Corp’s holdings in Madison Square Garden Sports were worth $24,856,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MSGS. Empirical Asset Management LLC purchased a new position in Madison Square Garden Sports during the fourth quarter worth about $26,120,000. Tabor Asset Management LP purchased a new position in Madison Square Garden Sports during the third quarter worth about $5,558,000. Algert Global LLC grew its position in Madison Square Garden Sports by 535.4% during the third quarter. Algert Global LLC now owns 31,459 shares of the company’s stock worth $6,552,000 after buying an additional 26,508 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Madison Square Garden Sports by 526.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 27,101 shares of the company’s stock worth $5,644,000 after buying an additional 22,772 shares in the last quarter. Finally, Miracle Mile Advisors LLC purchased a new position in Madison Square Garden Sports during the fourth quarter worth about $4,153,000. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Sports Stock Down 0.7 %

Shares of MSGS stock opened at $196.91 on Monday. The business has a 50-day moving average price of $212.36 and a two-hundred day moving average price of $216.10. Madison Square Garden Sports Corp. has a 12-month low of $178.35 and a 12-month high of $237.99. The firm has a market cap of $4.73 billion, a P/E ratio of 83.08 and a beta of 0.91.

Madison Square Garden Sports (NYSE:MSGS) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.25). Madison Square Garden Sports had a negative return on equity of 20.50% and a net margin of 5.33%. The firm had revenue of $357.80 million for the quarter, compared to the consensus estimate of $352.68 million. During the same period last year, the firm earned $0.59 EPS. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, research analysts expect that Madison Square Garden Sports Corp. will post 0.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Macquarie lifted their price target on Madison Square Garden Sports from $240.00 to $250.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 25th.

Madison Square Garden Sports 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.