Waterfront Capital Partners LLC Raises Stake in Madison Square Garden Co (MSG)

Waterfront Capital Partners LLC increased its position in shares of Madison Square Garden Co (NYSE:MSG) by 78.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 62,494 shares of the company’s stock after purchasing an additional 27,494 shares during the quarter. Madison Square Garden accounts for about 2.6% of Waterfront Capital Partners LLC’s investment portfolio, making the stock its 14th largest holding. Waterfront Capital Partners LLC’s holdings in Madison Square Garden were worth $19,706,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Strs Ohio acquired a new position in Madison Square Garden in the second quarter valued at about $692,000. Partner Investment Management L.P. acquired a new position in Madison Square Garden in the second quarter valued at about $1,288,000. Three Peaks Capital Management LLC lifted its stake in Madison Square Garden by 12.6% in the third quarter. Three Peaks Capital Management LLC now owns 7,546 shares of the company’s stock valued at $2,379,000 after buying an additional 842 shares during the period. NumerixS Investment Technologies Inc lifted its stake in Madison Square Garden by 106.7% in the second quarter. NumerixS Investment Technologies Inc now owns 3,100 shares of the company’s stock valued at $940,000 after buying an additional 1,600 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Madison Square Garden by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 67,112 shares of the company’s stock valued at $20,818,000 after buying an additional 1,213 shares during the period. 70.02% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have weighed in on MSG. Zacks Investment Research reissued a “hold” rating and issued a $318.00 target price on shares of Madison Square Garden in a research note on Wednesday, November 14th. Morgan Stanley increased their target price on Madison Square Garden from $315.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 31st. Macquarie restated a “buy” rating and issued a $356.00 price target on shares of Madison Square Garden in a report on Tuesday, October 30th. Guggenheim increased their price target on Madison Square Garden to $350.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Finally, Imperial Capital assumed coverage on Madison Square Garden in a report on Tuesday, August 21st. They issued an “outperform” rating and a $372.00 price target for the company. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $344.33.

Shares of Madison Square Garden stock opened at $261.13 on Friday. Madison Square Garden Co has a 1 year low of $205.22 and a 1 year high of $330.00. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 43.96, a price-to-earnings-growth ratio of 24.31 and a beta of 0.70. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Madison Square Garden (NYSE:MSG) last announced its quarterly earnings results on Thursday, November 1st. The company reported ($1.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.13) by $0.77. Madison Square Garden had a return on equity of 0.27% and a net margin of 7.86%. The company had revenue of $218.14 million during the quarter, compared to the consensus estimate of $211.48 million. During the same period in the prior year, the company earned ($0.47) earnings per share. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, research analysts predict that Madison Square Garden Co will post 0.42 EPS for the current fiscal year.

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About Madison Square Garden

The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.

Further Reading: Cost of Capital Explained

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

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

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