Pinnacle Associates Ltd. Decreases Stake in Madison Square Garden Sports Corp. (NYSE:MSGS)

Pinnacle Associates Ltd. reduced its stake in Madison Square Garden Sports Corp. (NYSE:MSGS) by 0.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 132,762 shares of the company’s stock after selling 103 shares during the period. Pinnacle Associates Ltd. owned approximately 0.55% of Madison Square Garden Sports worth $27,649,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC increased its holdings in Madison Square Garden Sports by 80.6% in the first quarter. EverSource Wealth Advisors LLC now owns 224 shares of the company’s stock valued at $42,000 after buying an additional 100 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Madison Square Garden Sports by 179.8% in the second quarter. GAMMA Investing LLC now owns 263 shares of the company’s stock worth $49,000 after purchasing an additional 169 shares during the period. Blue Trust Inc. increased its stake in Madison Square Garden Sports by 326.5% during the third quarter. Blue Trust Inc. now owns 418 shares of the company’s stock valued at $87,000 after purchasing an additional 320 shares during the last quarter. Quent Capital LLC lifted its position in shares of Madison Square Garden Sports by 312.4% in the 1st quarter. Quent Capital LLC now owns 565 shares of the company’s stock worth $104,000 after buying an additional 428 shares during the last quarter. Finally, BNP Paribas acquired a new position in shares of Madison Square Garden Sports in the 1st quarter valued at about $111,000. Institutional investors and hedge funds own 68.94% of the company’s stock.

Insider Buying and Selling

In other news, CEO James Lawrence Dolan sold 629 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $209.30, for a total transaction of $131,649.70. Following the transaction, the chief executive officer now directly owns 10,192 shares of the company’s stock, valued at approximately $2,133,185.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 22.10% of the company’s stock.

Madison Square Garden Sports Stock Up 1.4 %

NYSE MSGS traded up $3.22 during trading hours on Wednesday, hitting $226.10. The company had a trading volume of 30,610 shares, compared to its average volume of 113,285. The firm has a market cap of $5.42 billion, a P/E ratio of 91.72 and a beta of 0.93. Madison Square Garden Sports Corp. has a fifty-two week low of $165.78 and a fifty-two week high of $227.66. The business has a fifty day simple moving average of $210.96 and a 200-day simple moving average of $197.45.

Madison Square Garden Sports (NYSE:MSGS) last released its quarterly earnings data on Tuesday, August 13th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.73. Madison Square Garden Sports had a net margin of 5.72% and a negative return on equity of 18.69%. The business had revenue of $227.25 million for the quarter, compared to analysts’ expectations of $167.71 million. During the same quarter last year, the company earned ($0.39) EPS. The company’s revenue for the quarter was up 79.1% compared to the same quarter last year. Equities analysts forecast that Madison Square Garden Sports Corp. will post 1.42 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Macquarie cut their target price on shares of Madison Square Garden Sports from $240.00 to $235.00 and set an “outperform” rating on the stock in a report on Friday, August 16th.

Madison Square Garden Sports Company 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.