Today: The JPMorgan Chase & Co. Raises Stake in The Madison Square Garden Co. (MSG)

The JPMorgan Chase & Co. Raises Stake in The Madison Square Garden Co. (MSG)

JPMorgan Chase & Co. boosted its position in The Madison Square Garden Co. (NYSE:MSG) by 13.9% during the second quarter, Holdings Channel reports. The firm owned 40,808 shares of the company’s stock after buying an additional 4,972 shares during the period. JPMorgan Chase & Co. owned approximately 0.17% of The Madison Square Garden worth $7,040,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the company. Jericho Capital Asset Management L.P. purchased a new position in The Madison Square Garden during the first quarter worth about $41,337,000. Lazard Asset Management LLC increased its position in shares of The Madison Square Garden by 10.4% in the first quarter. Lazard Asset Management LLC now owns 2,023,671 shares of the company’s stock valued at $336,656,000 after buying an additional 190,711 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in shares of The Madison Square Garden during the second quarter valued at $16,642,000. Steinberg Asset Management LLC bought a new position in shares of The Madison Square Garden during the first quarter valued at $8,066,000. Finally, PNC Financial Services Group Inc. increased its position in shares of The Madison Square Garden by 19.5% in the second quarter. PNC Financial Services Group Inc. now owns 252,642 shares of the company’s stock valued at $43,583,000 after buying an additional 41,229 shares during the last quarter. Institutional investors and hedge funds own 88.44% of the company’s stock.

Shares of The Madison Square Garden Co. (NYSE:MSG) traded up 0.07% on Friday, reaching $167.96. The company’s stock had a trading volume of 71,775 shares. The firm has a 50 day moving average price of $175.10 and a 200-day moving average price of $170.98. The stock’s market cap is $4.04 billion. The Madison Square Garden Co. has a 12-month low of $139.10 and a 12-month high of $188.80.

The Madison Square Garden (NYSE:MSG) last released its quarterly earnings results on Friday, August 19th. The company reported ($2.39) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.00) by $1.39. The company earned $217.80 million during the quarter. The Madison Square Garden had a negative return on equity of 4.58% and a negative net margin of 6.93%. The company’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period last year, the firm posted $0.60 earnings per share. Equities research analysts expect that The Madison Square Garden Co. will post ($0.38) EPS for the current year.

Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded The Madison Square Garden from a “sell” rating to a “hold” rating in a report on Thursday, June 16th. Loop Capital restated a “buy” rating and set a $217.00 price target on shares of The Madison Square Garden in a report on Saturday, September 3rd. Jefferies Group downgraded The Madison Square Garden from a “buy” rating to a “hold” rating and set a $185.00 price target for the company. in a report on Monday, August 22nd. They noted that the move was a valuation call. Albert Fried & Company reduced their price target on The Madison Square Garden from $170.00 to $150.00 and set a “market perform” rating for the company in a report on Wednesday, September 28th. Finally, Stifel Nicolaus raised their price target on The Madison Square Garden from $190.00 to $210.00 and gave the company a “buy” rating in a report on Monday, August 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $159.75.

In other The Madison Square Garden news, insider Kathleen Margaret Dolan bought 15,954 shares of The Madison Square Garden stock in a transaction that occurred on Monday, September 12th. The shares were bought at an average cost of $182.96 per share, with a total value of $2,918,943.84. Following the transaction, the insider now directly owns 1,568 shares of the company’s stock, valued at approximately $286,881.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.55% of the stock is owned by insiders.

About The Madison Square Garden

The Madison Square Garden Company, formerly MSG Spinco, Inc, is engaged in sports and entertainment business. The Company operates through two segments: MSG Sports and MSG Entertainment. MSG Sports segment includes sports business, which owns and operates the sports franchises, such as the New York Knicks (the Knicks) of the National Basketball Association (the NBA) and the New York Rangers (the Rangers) of the National Hockey League (the NHL).

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