Media General Inc. (MEG) Sees Strong Trading Volume
Media General Inc. (NYSE:MEG) saw strong trading volume on Tuesday . 568,987 shares were traded during mid-day trading, a decline of 1% from the previous session’s volume of 572,191 shares.The stock last traded at $17.89 and had previously closed at $17.79.
Several analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Media General from a “hold” rating to a “sell” rating in a report on Wednesday, July 27th. Wedbush boosted their target price on shares of Media General from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, May 9th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $15.57.
The firm has a 50-day moving average price of $17.63 and a 200-day moving average price of $17.13. The company’s market capitalization is $2.31 billion.
Media General (NYSE:MEG) last issued its earnings results on Friday, August 5th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.16 by $0.02. During the same quarter in the prior year, the firm earned $0.01 EPS. The business had revenue of $363 million for the quarter, compared to the consensus estimate of $365.85 million. The business’s quarterly revenue was up 13.1% on a year-over-year basis. On average, equities analysts predict that Media General Inc. will post $0.82 EPS for the current fiscal year.
In other news, Director John R. Muse sold 83,500 shares of Media General stock in a transaction on 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 completion of the transaction, the director now owns 98,917 shares of the company’s stock, valued at approximately $1,750,830.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Muse sold 1,211,478 shares of Media General stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $17.94, for a total value of $21,733,915.32. Following the transaction, the director now directly owns 96,522 shares of the company’s stock, valued at approximately $1,731,604.68. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley increased its position in Media General by 3,980.6% in the fourth quarter. Morgan Stanley now owns 880,478 shares of the company’s stock valued at $14,220,000 after buying an additional 858,901 shares during the period. Wells Fargo & Company MN increased its position in Media General by 3.9% in the fourth quarter. Wells Fargo & Company MN now owns 716,949 shares of the company’s stock valued at $11,579,000 after buying an additional 27,017 shares during the period. Finally, Marshall Wace LLP purchased a new position in Media General during the fourth quarter valued at about $3,649,000.
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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