Media General Inc. (MEG) Sees Unusually-High Trading Volume
Media General Inc. (NYSE:MEG) saw unusually-strong trading volume on Thursday . Approximately 943,948 shares changed hands during mid-day 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 research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Media General from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Thursday, July 14th. Wedbush upped their price objective on shares of Media General from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report 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. Media General currently has a consensus rating of “Hold” and a consensus target price of $15.57.
The company’s market capitalization is $2.33 billion. The firm has a 50-day moving average of $17.69 and a 200-day moving average of $17.23.
Media General (NYSE:MEG) last announced its quarterly earnings results on Friday, August 5th. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.02. The company had revenue of $363 million for the quarter, compared to analysts’ expectations of $365.85 million. During the same quarter in the prior year, the company earned $0.01 EPS. Media General’s quarterly revenue was up 13.1% compared to the same quarter last year. Analysts forecast that Media General Inc. will post $0.82 earnings per share for the current year.
In related news, Director John R. Muse sold 1,211,478 shares of Media General stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $17.94, for a total transaction of $21,733,915.32. Following the sale, the director now directly owns 96,522 shares in the company, valued at approximately $1,731,604.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John R. Muse sold 7,995 shares of Media General stock in a transaction 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 sale, the director now owns 70,174 shares in the company, valued at $1,231,553.70. The disclosure for this sale can be found here.
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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