Bank of New York Mellon Corp Sells 6,090 Shares of The Madison Square Garden Company (NYSE:MSGS)

Bank of New York Mellon Corp decreased its holdings in shares of The Madison Square Garden Company (NYSE:MSGS) by 5.5% in the 1st quarter, HoldingsChannel reports. The firm owned 104,048 shares of the company’s stock after selling 6,090 shares during the period. Bank of New York Mellon Corp’s holdings in Madison Square Garden were worth $20,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MSGS. Putney Financial Group LLC bought a new stake in shares of Madison Square Garden in the fourth quarter valued at approximately $28,000. Heck Capital Advisors LLC acquired a new position in shares of Madison Square Garden in the 4th quarter valued at approximately $43,000. Headlands Technologies LLC boosted its position in shares of Madison Square Garden by 1,016.7% during the 4th quarter. Headlands Technologies LLC now owns 268 shares of the company’s stock worth $60,000 after acquiring an additional 244 shares in the last quarter. Covestor Ltd increased its stake in shares of Madison Square Garden by 30,600.0% in the 4th quarter. Covestor Ltd now owns 307 shares of the company’s stock valued at $69,000 after purchasing an additional 306 shares during the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new stake in Madison Square Garden in the fourth quarter valued at about $92,000. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Price Performance

NYSE MSGS opened at $208.42 on Friday. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 992.52 and a beta of 0.79. The Madison Square Garden Company has a one year low of $173.26 and a one year high of $237.99. The business’s fifty day moving average is $197.88 and its 200-day moving average is $200.18.

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

Analyst Upgrades and Downgrades

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

About Madison Square Garden

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.