California Public Employees Retirement System Lowers Position in Media General Inc. (MEG)
California Public Employees Retirement System decreased its stake in shares of Media General Inc. (NYSE:MEG) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,400 shares of the company’s stock after selling 4,400 shares during the period. California Public Employees Retirement System owned 0.11% of Media General worth $2,414,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of MEG. JPMorgan Chase & Co. boosted its position 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 valued at $81,256,000 after buying an additional 701,444 shares during the last quarter. Coastland Capital LLC raised its stake in 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 during the period. BlackRock Institutional Trust Company N.A. raised its stake in Media General by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,369,311 shares of the company’s stock worth $38,643,000 after buying an additional 33,184 shares during the period. Royal Bank of Canada raised its stake in Media General by 44.3% in the first quarter. Royal Bank of Canada now owns 1,116,360 shares of the company’s stock worth $18,208,000 after buying an additional 342,516 shares during the period. Finally, Magnetar Financial LLC bought a new stake in Media General during the first quarter worth about $15,536,000. Institutional investors own 93.62% of the company’s stock.
Shares of Media General Inc. (NYSE:MEG) traded up 1.65% during trading on Friday, reaching $18.43. 1,743,908 shares of the company traded hands. The stock’s market cap is $2.38 billion. The stock’s 50 day moving average price is $17.87 and its 200-day moving average price is $17.44. Media General Inc. has a 12 month low of $13.85 and a 12 month high of $18.51.
Media General (NYSE:MEG) last announced its quarterly earnings data on Friday, August 5th. The company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.02. The firm had revenue of $363 million for the quarter, compared to the consensus estimate of $365.85 million. Media General had a positive return on equity of 3.48% and a negative net margin of 3.50%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 earnings per share. On average, equities research analysts expect that Media General Inc. will post $0.82 EPS for the current fiscal year.
Separately, Zacks Investment Research lowered shares of Media General from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.57.
In other Media General news, VP Deborah A. Mcdermott sold 4,000 shares of the business’s stock in a transaction dated 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 directly owns 4,545 shares of the company’s stock, valued at approximately $81,355.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 16.50% 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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