Media General Inc. (MEG) Sees Large Volume Increase
Shares of Media General Inc. (NYSE:MEG) saw an uptick in trading volume on Monday . 930,008 shares traded hands during trading, a decline of 12% from the previous session’s volume of 1,054,311 shares.The stock last traded at $17.68 and had previously closed at $17.77.
Several brokerages have recently weighed in on MEG. Zacks Investment Research upgraded Media General from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Thursday, July 14th. Wedbush increased their price objective on Media General from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, May 9th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Media General has an average rating of “Hold” and an average price target of $15.57.
The stock has a 50-day moving average of $17.56 and a 200 day moving average of $16.80. The stock’s market cap is $2.29 billion.
Media General (NYSE:MEG) last issued its earnings results on Friday, May 6th. The company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.24. The business earned $343 million during the quarter, compared to analyst estimates of $340.17 million. During the same period last year, the company earned ($0.06) EPS. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities analysts anticipate that Media General Inc. will post $1.03 EPS for the current fiscal year.
In other news, Director John R. Muse sold 7,995 shares of the business’s stock in a transaction on Monday, June 20th. The stock was sold at an average price of $17.55, for a total value of $140,312.25. Following the completion of the transaction, the director now directly owns 70,174 shares of the company’s stock, valued at approximately $1,231,553.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John R. Muse sold 83,500 shares of the business’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $17.70, for a total value of $1,477,950.00. Following the completion of the transaction, the director now directly owns 98,917 shares of the company’s stock, valued at $1,750,830.90. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. Rhumbline Advisers raised its position in shares of Media General by 5.1% in the fourth quarter. Rhumbline Advisers now owns 131,542 shares of the company’s stock valued at $2,124,000 after buying an additional 6,395 shares in the last quarter. Cowen Group Inc. raised its position in shares of Media General by 64.3% in the fourth quarter. Cowen Group Inc. now owns 143,800 shares of the company’s stock valued at $2,322,000 after buying an additional 56,300 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Media General by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 177,539 shares of the company’s stock valued at $2,867,000 after buying an additional 2,829 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Media General during the fourth quarter valued at about $3,649,000. Finally, Royce & Associates LLC raised its position in shares of Media General by 31.1% in the fourth quarter. Royce & Associates LLC now owns 305,739 shares of the company’s stock valued at $4,938,000 after buying an additional 72,543 shares in the last quarter.
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.