Kornitzer Capital Management Inc. KS Boosts Position in MDC Partners Inc. (MDCA)
Kornitzer Capital Management Inc. KS boosted its stake in MDC Partners Inc. (NASDAQ:MDCA) by 11.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 158,900 shares of the company’s stock after buying an additional 16,700 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in MDC Partners were worth $2,906,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Independent Portfolio Consultants Inc. raised its stake in shares of MDC Partners by 9.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 9,215 shares of the company’s stock valued at $169,000 after buying an additional 785 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of MDC Partners during the first quarter valued at approximately $229,000. 1st Global Advisors Inc. raised its stake in shares of MDC Partners by 62.8% in the second quarter. 1st Global Advisors Inc. now owns 14,267 shares of the company’s stock valued at $261,000 after buying an additional 5,503 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of MDC Partners during the first quarter valued at approximately $364,000. Finally, Emerald Mutual Fund Advisers Trust raised its stake in shares of MDC Partners by 66.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 23,517 shares of the company’s stock valued at $430,000 after buying an additional 9,414 shares in the last quarter.
MDC Partners Inc. (NASDAQ:MDCA) traded down 0.93% during midday trading on Tuesday, hitting $10.60. The stock had a trading volume of 164,491 shares. The company’s market capitalization is $566.94 million. MDC Partners Inc. has a 52 week low of $10.32 and a 52 week high of $23.90. The company’s 50-day moving average price is $11.46 and its 200 day moving average price is $16.21.
MDC Partners (NASDAQ:MDCA) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.13. The company earned $337.05 million during the quarter, compared to analyst estimates of $346.02 million. MDC Partners’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.59 earnings per share. On average, analysts expect that MDC Partners Inc. will post $0.89 EPS for the current year.
Several brokerages recently commented on MDCA. Albert Fried & Company raised MDC Partners from an “underweight” rating to an “overweight” rating in a research note on Friday, July 29th. Telsey Advisory Group lowered MDC Partners from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $28.50 to $22.00 in a research note on Friday, July 29th. Wedbush decreased their price target on MDC Partners from $26.00 to $23.00 and set an “outperform” rating on the stock in a research note on Friday, July 29th. Jefferies Group lowered MDC Partners from a “buy” rating to a “hold” rating and decreased their price target for the company from $24.00 to $17.00 in a research note on Friday, July 29th. Finally, Zacks Investment Research raised MDC Partners from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Thursday, July 28th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $20.00.
In other MDC Partners news, CEO Scott L. Kauffman bought 10,000 shares of MDC Partners stock in a transaction on Friday, August 12th. The shares were purchased at an average price of $13.27 per share, with a total value of $132,700.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.
About MDC Partners
MDC Partners Inc is a provider of marketing, advertising, activation, communications and strategic consulting solutions. The Company’s segment is Advertising and Communications. It operates through a network of Partner Firms. The Advertising and Communications segment consists of integrated marketing consulting services to Partner Firms that offers advertising, marketing, media, communications solutions, and specialized consumer insights and analytics, including global advertising and marketing services; media buying, planning and optimization; interactive and mobile marketing; direct marketing; public relations; corporate communications; market research; corporate identity and branding services; sales promotion; the design, development, research and implementation of consumer services, and direct marketing services.
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