The Madison Square Garden Co (MSG): JAT Capital Cuts Voting Stake to 4.40%

Overall, since JAT Capital initiated a stake in the company, the stock of The Madison Square Garden Co (NASDAQ:MSG) appreciated by around 70%, while since the fund went activist on the company, the share price went up by 13%. However, the investor has not disclosed any details regarding its discussions with the company prior to cutting down its position.

The Madison Square Garden Co (NASDAQ:MSG) is a $5.76 billion holding company that is an integrated sports, entertainment and media business company conducting its operations through several direct and indirect subsidiaries. Analysts currently have a consens ‘Hold’ rating for the stock, while the average price target amounts to $71.80 per share, which is below the current price of the stock. Moreover, in November 2014, Morgan Stanley downgeaded the stock to ‘Equal Weight’ from ‘Overweight’ and reduced the price target to $70.00 from $80.00, while earlier that same month, JPMorgan raised the price target to $75.00 from $70.00 with ‘Neutral’ rating.

In addition, The Madison Square Garden Co (NASDAQ:MSG) has witnessed a slight increase in bullish sentiment among investors. As our data show, in the previous round of 13F filings, 28 funds among those that we track disclosed long equity positions in the company. Even though the number of funds holding the stock fell from 29 in the previous quarter, the aggregate value of the positions held by the funds tracked by us went up by $329.38 million to $1.72 billion.

Among other shareholders of The Madison Square Garden Co (NASDAQ:MSG) is Kenneth Mario Garschina‘s Mason Capital Management, which initiated a stake with 5.18 million shares during the third quarter of 2014. It is followed by Christian Leone‘s Luxor Capital Group, which held 3.21 million shares at the end of September, down by 35% on the quarter.

Disclosure: none