Pinnacle Associates Ltd. Sells 6,985 Shares of Madison Square Garden Sports Corp. (NYSE:MSGS)

Pinnacle Associates Ltd. cut its position in Madison Square Garden Sports Corp. (NYSE:MSGSGet Rating) by 3.6% in the first quarter, HoldingsChannel.com reports. The firm owned 188,530 shares of the company’s stock after selling 6,985 shares during the period. Pinnacle Associates Ltd.’s holdings in Madison Square Garden Sports were worth $33,815,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new position in shares of Madison Square Garden Sports during the fourth quarter valued at about $48,000. Lazard Asset Management LLC acquired a new position in shares of Madison Square Garden Sports during the fourth quarter valued at about $50,000. Geneos Wealth Management Inc. increased its holdings in shares of Madison Square Garden Sports by 400.0% during the fourth quarter. Geneos Wealth Management Inc. now owns 375 shares of the company’s stock valued at $65,000 after acquiring an additional 300 shares in the last quarter. National Bank of Canada FI acquired a new position in shares of Madison Square Garden Sports during the fourth quarter valued at about $101,000. Finally, First Bank & Trust increased its holdings in shares of Madison Square Garden Sports by 47.4% during the fourth quarter. First Bank & Trust now owns 861 shares of the company’s stock valued at $150,000 after acquiring an additional 277 shares in the last quarter. 67.12% of the stock is currently owned by institutional investors.

Madison Square Garden Sports Trading Up 0.8 %

Shares of NYSE:MSGS opened at $157.87 on Thursday. Madison Square Garden Sports Corp. has a twelve month low of $145.41 and a twelve month high of $203.37. The company’s 50 day moving average is $156.06 and its 200 day moving average is $164.52. The company has a market cap of $3.82 billion, a PE ratio of 52.62 and a beta of 0.92.

Madison Square Garden Sports (NYSE:MSGSGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.34). Madison Square Garden Sports had a negative return on equity of 35.82% and a net margin of 9.28%. The business had revenue of $337.80 million during the quarter, compared to analyst estimates of $332.95 million. During the same quarter last year, the company posted $0.22 EPS. Madison Square Garden Sports’s quarterly revenue was up 84.6% compared to the same quarter last year. Equities research analysts predict that Madison Square Garden Sports Corp. will post 0.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MSGS has been the topic of several recent analyst reports. Macquarie cut their price objective on shares of Madison Square Garden Sports from $240.00 to $230.00 and set an “outperform” rating on the stock in a report on Tuesday, July 5th. Wolfe Research cut their price objective on shares of Madison Square Garden Sports from $238.00 to $231.00 and set an “outperform” rating on the stock in a report on Thursday, June 2nd. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $220.25.

Madison Square Garden Sports Profile

(Get Rating)

Madison Square Garden Sports Corp. operates as a professional sports company. The company owns and operates a portfolio of assets consists of the New York Knickerbockers of the National Basketball Association NBA and the New York Rangers of the National Hockey League NHL. Its other professional franchises include two development league teams, the Hartford Wolf Pack of the American Hockey League (AHL) and the Westchester Knicks of the NBA G League (NBAGL).

Further Reading

Want to see what other hedge funds are holding MSGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Madison Square Garden Sports Corp. (NYSE:MSGSGet Rating).

Institutional Ownership by Quarter for Madison Square Garden Sports (NYSE:MSGS)

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