Media General Inc. (MEG) Sees Unusually-High Trading Volume
Shares of Media General Inc. (NYSE:MEG) saw unusually-strong trading volume on Tuesday . Approximately 568,987 shares changed hands 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 weighed in on MEG shares. Zacks Investment Research downgraded Media General from a “buy” rating to a “hold” rating in a research report on Friday, April 29th. Wedbush boosted their price objective on Media General from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, May 9th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Media General presently has a consensus rating of “Hold” and a consensus target price of $15.57.
The firm’s market capitalization is $2.29 billion. The company’s 50-day moving average price is $17.66 and its 200 day moving average price is $17.13.
Media General (NYSE:MEG) last released its earnings results on Friday, August 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.02. During the same period in the prior year, the company earned $0.01 EPS. The company earned $363 million during the quarter, compared to analysts’ expectations of $365.85 million. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. Analysts expect that Media General Inc. will post $0.82 EPS for the current year.
In other Media General news, Director John R. Muse sold 7,995 shares of the firm’s stock in a transaction that occurred on Monday, June 20th. The stock was sold at an average price of $17.55, for a total transaction of $140,312.25. Following the completion of the transaction, the director now owns 70,174 shares in the company, valued at approximately $1,231,553.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Muse sold 1,211,478 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $17.94, for a total value of $21,733,915.32. Following the transaction, the director now 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.
A hedge fund recently raised its stake in Media General stock. Wells Fargo & Company MN boosted its stake in shares of Media General Inc. (NYSE:MEG) by 3.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 716,949 shares of the company’s stock after buying an additional 27,017 shares during the period. Wells Fargo & Company MN owned 0.56% of Media General worth $11,579,000 as of its most recent filing with the SEC.
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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