Media General Inc. (MEG) Sees Large Volume Increase
Shares of Media General Inc. (NYSE:MEG) saw strong trading volume on Monday . 930,008 shares traded hands during mid-day trading, a decline of 12% from the previous session’s volume of 1,054,311 shares.The stock last traded at $17.68 and had previously closed at $17.77.
A number of analysts recently commented on the stock. Zacks Investment Research upgraded shares of Media General from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Thursday. Wedbush boosted their target price on shares of Media General from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Monday, May 9th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Media General currently has a consensus rating of “Hold” and an average target price of $15.57.
The stock’s market cap is $2.28 billion. The firm has a 50-day moving average of $17.56 and a 200-day moving average of $16.80.
Media General (NYSE:MEG) last posted its earnings results on Friday, May 6th. The company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.24. The firm had revenue of $343 million for the quarter, compared to analyst estimates of $340.17 million. The business’s revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.06) earnings per share. On average, analysts predict that Media General Inc. will post $1.03 EPS for the current year.
In other Media General news, Director John R. Muse sold 7,995 shares of the stock in a transaction dated Monday, June 20th. The shares were sold at an average price of $17.55, for a total transaction of $140,312.25. Following the sale, the director now owns 70,174 shares of the company’s stock, valued at approximately $1,231,553.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John R. Muse sold 83,500 shares of the stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $17.70, for a total transaction of $1,477,950.00. Following the sale, the director now directly owns 98,917 shares in the company, valued at approximately $1,750,830.90. The disclosure for this sale can be found here.
A number of large investors recently modified their holdings of MEG. Pinnacle Associates Ltd. raised its stake in shares of Media General by 10.4% in the fourth quarter. Pinnacle Associates Ltd. now owns 2,218,569 shares of the company’s stock worth $35,830,000 after buying an additional 208,371 shares in the last quarter. Morgan Stanley raised its stake in shares of Media General by 3,980.6% in the fourth quarter. Morgan Stanley now owns 880,478 shares of the company’s stock worth $14,220,000 after buying an additional 858,901 shares in the last quarter. Water Island Capital raised its stake in shares of Media General by 42.3% in the third quarter. Water Island Capital now owns 766,704 shares of the company’s stock worth $10,726,000 after buying an additional 227,790 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Media General by 3.9% in the fourth quarter. Wells Fargo & Company MN now owns 716,949 shares of the company’s stock worth $11,579,000 after buying an additional 27,017 shares in the last quarter. Finally, Napier Park Global Capital US LP raised its stake in shares of Media General by 64.4% in the fourth quarter. Napier Park Global Capital US LP now owns 486,200 shares of the company’s stock worth $7,852,000 after buying an additional 190,450 shares in the last quarter.
Media General, Inc is a television broadcasting and digital media company. The Company provides news, information and entertainment in markets across the United States. The Company operates or services 71 network-affiliated broadcast television stations in 48 markets along with the digital media business.
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