Gruss Capital Management LP Buys 119,172 Shares of The Madison Square Garden Company (MSG)

Gruss Capital Management LP lifted its stake in shares of The Madison Square Garden Company (NYSE:MSG) by 51.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 349,172 shares of the company’s stock after purchasing an additional 119,172 shares during the period. The Madison Square Garden accounts for about 6.5% of Gruss Capital Management LP’s portfolio, making the stock its 4th largest holding. Gruss Capital Management LP owned approximately 1.48% of The Madison Square Garden worth $74,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of The Madison Square Garden by 8.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock worth $140,000 after purchasing an additional 58 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in The Madison Square Garden by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock valued at $148,000 after acquiring an additional 40 shares during the last quarter. Maverick Capital Ltd. acquired a new position in The Madison Square Garden in the second quarter valued at approximately $176,000. Investment House LLC acquired a new position in The Madison Square Garden in the third quarter valued at approximately $203,000. Finally, Bluestein R H & Co. acquired a new position in The Madison Square Garden in the third quarter valued at approximately $214,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

MSG has been the topic of a number of recent analyst reports. Jefferies Group reiterated a “hold” rating and issued a $200.00 price objective on shares of The Madison Square Garden in a report on Tuesday, October 24th. Zacks Investment Research cut The Madison Square Garden from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. BTIG Research set a $260.00 price objective on The Madison Square Garden and gave the company a “buy” rating in a report on Monday, September 11th. Loop Capital upped their price objective on The Madison Square Garden from $266.00 to $268.00 and gave the company a “buy” rating in a report on Monday, November 6th. Finally, Morgan Stanley cut The Madison Square Garden from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $218.50 to $245.00 in a report on Tuesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $217.78.

Shares of The Madison Square Garden Company (MSG) traded down $0.66 during midday trading on Thursday, reaching $211.59. The company’s stock had a trading volume of 258,500 shares, compared to its average volume of 178,066. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.92 and a current ratio of 1.92. The Madison Square Garden Company has a 52 week low of $166.86 and a 52 week high of $231.44.

The Madison Square Garden (NYSE:MSG) last announced its earnings results on Friday, November 3rd. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.18. The company had revenue of $245.04 million for the quarter, compared to analyst estimates of $237.06 million. The Madison Square Garden had a negative return on equity of 1.75% and a negative net margin of 4.00%. The firm’s quarterly revenue was up 34.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.19) earnings per share. analysts predict that The Madison Square Garden Company will post 0.66 earnings per share for the current fiscal year.

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The Madison Square Garden Profile

The Madison Square Garden Company is a holding company, which is engaged in live experiences consisting of celebrated venues, sports teams, and entertainment productions. The Company operates in two segments, which include MSG Entertainment and MSG Sports. The MSG Sports segment includes the Company’s professional sports franchises, which include the New York Knicks (the Knicks) of the National Basketball Association (the NBA), the New York Rangers (the Rangers) of the National Hockey League (the NHL), the New York Liberty (the Liberty) of the Women’s National Basketball Association (the WNBA), the Hartford Wolf Pack of the American Hockey League (the AHL), which is the primary player development team for the Rangers, and the Westchester Knicks, an NBA Development League team.

Institutional Ownership by Quarter for The Madison Square Garden (NYSE:MSG)

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