Media General Inc. (MEG) Sees Unusually-High Trading Volume
Media General Inc. (NYSE:MEG) saw strong trading volume on Thursday . 943,948 shares changed hands during trading, an increase of 60% from the previous session’s volume of 589,525 shares.The stock last traded at $17.70 and had previously closed at $17.67.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Media General from a “sell” rating to a “hold” rating in a report on Wednesday, August 10th. Wedbush increased their price target on Media General from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Monday, May 9th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $15.57.
The stock has a 50-day moving average of $17.68 and a 200-day moving average of $17.22. The stock’s market cap is $2.29 billion.
Media General (NYSE:MEG) last issued its quarterly earnings data 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 previous year, the company posted $0.01 earnings per share. The company earned $363 million during the quarter, compared to analysts’ expectations of $365.85 million. The business’s revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts forecast that Media General Inc. will post $0.82 earnings per share for the current year.
In other news, Director John R. Muse sold 1,211,478 shares of the business’s 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 completion of the transaction, the director now directly owns 96,522 shares of the company’s stock, valued at $1,731,604.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John R. Muse sold 83,500 shares of the business’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $17.70, for a total value of $1,477,950.00. Following the completion of the transaction, the director now directly owns 98,917 shares of the company’s stock, valued at $1,750,830.90. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Media General stock. Morgan Stanley increased its position in Media General Inc. (NYSE:MEG) by 3,980.6% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 880,478 shares of the company’s stock after buying an additional 858,901 shares during the period. Morgan Stanley owned about 0.69% of Media General worth $14,220,000 as of its most recent SEC filing.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.