Franklin Resources Inc. Raises Stake in Madison Square Garden Sports Corp. (NYSE:MSGS)

Franklin Resources Inc. raised its holdings in Madison Square Garden Sports Corp. (NYSE:MSGS - Free Report) by 8.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,205 shares of the company's stock after purchasing an additional 8,358 shares during the period. Franklin Resources Inc. owned 0.45% of Madison Square Garden Sports worth $24,420,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of MSGS. Allworth Financial LP raised its holdings in Madison Square Garden Sports by 81.4% during the 4th quarter. Allworth Financial LP now owns 127 shares of the company's stock valued at $28,000 after acquiring an additional 57 shares during the period. Versant Capital Management Inc grew its position in shares of Madison Square Garden Sports by 35.3% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the company's stock valued at $53,000 after purchasing an additional 61 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Madison Square Garden Sports by 119.0% during the 4th quarter. Fifth Third Bancorp now owns 138 shares of the company's stock valued at $31,000 after purchasing an additional 75 shares during the period. Xponance Inc. raised its stake in shares of Madison Square Garden Sports by 8.4% during the 4th quarter. Xponance Inc. now owns 1,105 shares of the company's stock valued at $249,000 after purchasing an additional 86 shares during the period. Finally, Insight Inv LLC lifted its holdings in Madison Square Garden Sports by 1.5% during the 3rd quarter. Insight Inv LLC now owns 6,665 shares of the company's stock worth $1,388,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 68.94% of the company's stock.

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Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the firm's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $189.92, for a total transaction of $6,044,204.00. Following the sale, the insider now owns 5,097 shares in the company, valued at approximately $968,022.24. This trade represents a 86.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 22.10% of the company's stock.

Madison Square Garden Sports Stock Performance

Madison Square Garden Sports stock traded up $2.04 during midday trading on Friday, reaching $190.00. 175,584 shares of the stock were exchanged, compared to its average volume of 112,518. The company's fifty day moving average is $197.32 and its 200-day moving average is $213.04. Madison Square Garden Sports Corp. has a 52 week low of $173.26 and a 52 week high of $237.99. The firm has a market cap of $4.56 billion, a PE ratio of 80.17 and a beta of 0.81.

Madison Square Garden Sports (NYSE:MSGS - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.25). Madison Square Garden Sports had a negative return on equity of 20.50% and a net margin of 5.33%. The firm had revenue of $357.80 million during the quarter, compared to the consensus estimate of $352.68 million. During the same period in the previous year, the company posted $0.59 EPS. The company's revenue for the quarter was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Madison Square Garden Sports Corp. will post 0.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Macquarie upped their price target on Madison Square Garden Sports from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Tuesday, February 25th.

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.