Media General Inc. (MEG) Stock Price Down 2.8%
Media General Inc. (NYSE:MEG) shares dropped 2.8% during trading on Tuesday . The company traded as low as $17.46 and last traded at $17.51, with a volume of 508,999 shares traded. The stock had previously closed at $18.02.
Separately, Zacks Investment Research upgraded Media General from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Tuesday, September 13th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $15.57.
The stock has a 50-day moving average of $17.77 and a 200-day moving average of $17.39. The firm’s market capitalization is $2.31 billion.
Media General (NYSE:MEG) last announced its earnings results on Friday, August 5th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.02. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The business had revenue of $363 million for the quarter, compared to the consensus estimate of $365.85 million. During the same quarter in the previous year, the company earned $0.01 EPS. Media General’s revenue for the quarter was up 13.1% compared to the same quarter last year. Equities analysts expect that Media General Inc. will post $0.82 EPS for the current year.
In related news, VP Deborah A. Mcdermott sold 4,000 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $17.90, for a total transaction of $71,600.00. Following the completion of the sale, the vice president now owns 4,545 shares in the company, valued at approximately $81,355.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 16.50% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Media General by 10.1% in the second quarter. Vanguard Group Inc. now owns 6,818,694 shares of the company’s stock valued at $117,213,000 after buying an additional 624,069 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Media General by 16.4% in the first quarter. JPMorgan Chase & Co. now owns 4,981,967 shares of the company’s stock worth $81,256,000 after buying an additional 701,444 shares in the last quarter. CNH Partners LLC increased its stake in shares of Media General by 7.4% in the second quarter. CNH Partners LLC now owns 3,104,515 shares of the company’s stock worth $53,367,000 after buying an additional 213,880 shares in the last quarter. Coastland Capital LLC increased its stake in shares of Media General by 3,265.9% in the first quarter. Coastland Capital LLC now owns 2,749,307 shares of the company’s stock worth $44,841,000 after buying an additional 2,667,625 shares in the last quarter. Finally, BlackRock Fund Advisors increased its stake in shares of Media General by 17.0% in the second quarter. BlackRock Fund Advisors now owns 2,636,745 shares of the company’s stock worth $45,326,000 after buying an additional 382,311 shares in the last quarter. Hedge funds and other institutional investors own 93.62% of the company’s stock.
About Media General
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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