McClatchy Co. (MNI) Debt Trading 3.3% Higher
An issue of McClatchy Co. (NYSE:MNI) bonds rose 3.3% against their face value during trading on Thursday. The high-yield debt issue has a 6.875% coupon and is set to mature on March 15, 2029. The debt is now trading at $77.25 and was trading at $70.75 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
Separately, Zacks Investment Research raised McClatchy from a “hold” rating to a “strong-buy” rating and set a $16.00 price objective on the stock in a research report on Wednesday, June 29th.
Shares of McClatchy Co. (NYSE:MNI) remained flat at $17.74 during midday trading on Friday. 11,387 shares of the stock were exchanged. McClatchy Co. has a 1-year low of $8.30 and a 1-year high of $19.77. The firm’s market capitalization is $135.37 million. The company has a 50 day moving average of $16.01 and a 200 day moving average of $14.28.
McClatchy (NYSE:MNI) last announced its earnings results on Thursday, July 21st. The company reported ($1.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by $1.35. The company had revenue of $242.20 million for the quarter, compared to analyst estimates of $243.10 million. McClatchy had a negative net margin of 1.95% and a negative return on equity of 1.17%. The company’s revenue was down 7.7% on a year-over-year basis. On average, equities research analysts anticipate that McClatchy Co. will post ($3.45) EPS for the current year.
Large investors have recently bought and sold shares of the company. Numeric Investors LLC acquired a new stake in McClatchy during the second quarter valued at about $409,000. Spark Investment Management LLC raised its position in McClatchy by 84.6% in the first quarter. Spark Investment Management LLC now owns 124,600 shares of the company’s stock valued at $130,000 after buying an additional 57,100 shares during the period. Renaissance Technologies LLC raised its position in McClatchy by 74.0% in the first quarter. Renaissance Technologies LLC now owns 157,299 shares of the company’s stock valued at $165,000 after buying an additional 66,900 shares during the period. Finally, Boothbay Fund Management LLC bought a new position in McClatchy during the first quarter valued at approximately $1,484,000. Institutional investors and hedge funds own 35.64% of the company’s stock.
The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The Company’s segments include Western Segment and Eastern Segment.
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