Norges Bank Acquires New Holdings in Madison Square Garden Sports Corp. (NYSE:MSGS)

Norges Bank bought a new position in shares of Madison Square Garden Sports Corp. (NYSE:MSGS) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 239,507 shares of the company’s stock, valued at approximately $54,052,000. Norges Bank owned about 1.00% of Madison Square Garden Sports at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Madison Square Garden Sports by 1.2% in the third quarter. State Street Corp now owns 549,108 shares of the company’s stock worth $114,357,000 after purchasing an additional 6,640 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Madison Square Garden Sports in the 4th quarter valued at about $1,032,000. Proficio Capital Partners LLC acquired a new stake in shares of Madison Square Garden Sports in the fourth quarter valued at about $3,413,000. Levin Capital Strategies L.P. raised its position in shares of Madison Square Garden Sports by 118.5% during the fourth quarter. Levin Capital Strategies L.P. now owns 3,039 shares of the company’s stock worth $686,000 after acquiring an additional 1,648 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new position in shares of Madison Square Garden Sports in the fourth quarter worth approximately $16,844,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 5,097 shares in the company, valued at approximately $968,022.24. This represents a 86.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 22.10% of the company’s stock.

Analyst Ratings Changes

Separately, Macquarie raised their price target on shares of Madison Square Garden Sports from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Tuesday, February 25th.

Madison Square Garden Sports Stock Down 6.7 %

MSGS stock opened at $180.37 on Friday. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of 76.11 and a beta of 0.81. The company’s fifty day simple moving average is $202.25 and its 200 day simple moving average is $214.20. Madison Square Garden Sports Corp. has a 12-month low of $178.35 and a 12-month high of $237.99.

Madison Square Garden Sports (NYSE:MSGS) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.25). Madison Square Garden Sports had a net margin of 5.33% and a negative return on equity of 20.50%. The business had revenue of $357.80 million during the quarter, compared to analyst estimates of $352.68 million. During the same period in the prior year, the firm earned $0.59 earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. Research analysts expect that Madison Square Garden Sports Corp. will post 0.73 earnings per share for the current year.

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.