Garner Asset Management Corp Makes New Investment in Madison Square Garden Sports Corp. (NYSE:MSGS)

Garner Asset Management Corp acquired a new stake in Madison Square Garden Sports Corp. (NYSE:MSGS - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,068 shares of the company's stock, valued at approximately $639,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Venturi Wealth Management LLC increased its holdings in shares of Madison Square Garden Sports by 31.2% in the 3rd quarter. Venturi Wealth Management LLC now owns 223 shares of the company's stock valued at $46,000 after acquiring an additional 53 shares during the period. Creative Planning boosted its stake in shares of Madison Square Garden Sports by 2.5% during the third quarter. Creative Planning now owns 2,542 shares of the company's stock worth $529,000 after buying an additional 61 shares during the period. Arizona State Retirement System grew its holdings in shares of Madison Square Garden Sports by 1.9% during the second quarter. Arizona State Retirement System now owns 4,349 shares of the company's stock worth $818,000 after buying an additional 83 shares during the last quarter. Pullen Investment Management LLC increased its position in Madison Square Garden Sports by 2.3% in the 2nd quarter. Pullen Investment Management LLC now owns 4,419 shares of the company's stock valued at $831,000 after acquiring an additional 98 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Madison Square Garden Sports by 80.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 224 shares of the company's stock valued at $42,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 68.94% of the company's stock.

Insider Activity at Madison Square Garden Sports

In other Madison Square Garden Sports news, CEO James Lawrence Dolan sold 629 shares of Madison Square Garden Sports stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $209.30, for a total value of $131,649.70. Following the completion of the sale, the chief executive officer now owns 10,192 shares in the company, valued at $2,133,185.60. The trade was a 5.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 22.10% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Macquarie upped their price target on Madison Square Garden Sports from $235.00 to $240.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 5th.

Madison Square Garden Sports Stock Performance

MSGS stock traded up $1.34 during midday trading on Friday, hitting $229.83. 75,683 shares of the stock were exchanged, compared to its average volume of 127,633. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 78.98 and a beta of 0.92. Madison Square Garden Sports Corp. has a fifty-two week low of $166.26 and a fifty-two week high of $230.69. The stock's 50-day moving average price is $217.19 and its 200-day moving average price is $202.29.

Madison Square Garden Sports (NYSE:MSGS - Get Free Report) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.55. The business had revenue of $53.31 million for the quarter, compared to analyst estimates of $43.71 million. Madison Square Garden Sports had a net margin of 6.75% and a negative return on equity of 23.81%. The company's quarterly revenue was up 23.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.79) earnings per share. Research analysts anticipate that Madison Square Garden Sports Corp. will post 0.81 EPS for the current year.

Madison Square Garden Sports 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.