Madison Square Garden Sports Corp. (NYSE:MSGS) Stock Holdings Lowered by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. cut its holdings in shares of Madison Square Garden Sports Corp. (NYSE:MSGS) by 0.1% in the 3rd quarter, Holdings Channel reports. The firm owned 132,762 shares of the company’s stock after selling 103 shares during the period. Pinnacle Associates Ltd.’s holdings in Madison Square Garden Sports were worth $27,649,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Norden Group LLC bought a new stake in shares of Madison Square Garden Sports during the 1st quarter worth $555,000. Diversify Advisory Services LLC acquired a new position in shares of Madison Square Garden Sports in the 1st quarter valued at $224,000. Capstone Investment Advisors LLC increased its stake in Madison Square Garden Sports by 166.7% in the 1st quarter. Capstone Investment Advisors LLC now owns 6,630 shares of the company’s stock worth $1,223,000 after purchasing an additional 4,144 shares in the last quarter. Pullen Investment Management LLC acquired a new stake in Madison Square Garden Sports during the 1st quarter worth about $797,000. Finally, BNP Paribas acquired a new stake in Madison Square Garden Sports during the 1st quarter worth about $111,000. 68.94% of the stock is currently owned by institutional investors.

Madison Square Garden Sports Trading Up 1.4 %

NYSE:MSGS traded up $3.22 during trading hours on Wednesday, hitting $226.10. 30,610 shares of the stock traded hands, compared to its average volume of 113,285. The firm has a 50 day moving average price of $210.96 and a 200 day moving average price of $197.45. The firm has a market cap of $5.42 billion, a price-to-earnings 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.

Madison Square Garden Sports (NYSE:MSGS) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.73. The firm had revenue of $227.25 million for the quarter, compared to analyst estimates of $167.71 million. Madison Square Garden Sports had a negative return on equity of 18.69% and a net margin of 5.72%. Madison Square Garden Sports’s quarterly revenue was up 79.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.39) earnings per share. Research analysts predict that Madison Square Garden Sports Corp. will post 1.42 EPS for the current year.

Insider Buying and Selling

In other Madison Square Garden Sports news, CEO James Lawrence Dolan sold 629 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $209.30, for a total value of $131,649.70. Following the transaction, the chief executive officer now owns 10,192 shares in the company, valued at approximately $2,133,185.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 22.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Macquarie dropped 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 research report on Friday, August 16th.

About Madison Square Garden Sports

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.