Teachers Retirement System of The State of Kentucky increased its stake in shares of New Media Investment Group Inc. (NYSE:NEWM) by 14.6% during the first quarter, Holdings Channel reports. The fund owned 19,600 shares of the company’s stock after buying an additional 2,500 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in New Media Investment Group were worth $279,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA boosted its position in New Media Investment Group by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 37,247 shares of the company’s stock worth $529,000 after buying an additional 442 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in New Media Investment Group by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 21,800 shares of the company’s stock worth $310,000 after buying an additional 700 shares during the last quarter. Arizona State Retirement System boosted its position in New Media Investment Group by 3.3% in the first quarter. Arizona State Retirement System now owns 27,900 shares of the company’s stock worth $396,000 after buying an additional 900 shares during the last quarter. Mason Street Advisors LLC boosted its position in New Media Investment Group by 9.3% in the first quarter. Mason Street Advisors LLC now owns 12,504 shares of the company’s stock worth $178,000 after buying an additional 1,060 shares during the last quarter. Finally, Thrivent Financial For Lutherans boosted its position in New Media Investment Group by 1.6% in the first quarter. Thrivent Financial For Lutherans now owns 128,370 shares of the company’s stock worth $1,824,000 after buying an additional 1,970 shares during the last quarter. Institutional investors and hedge funds own 76.10% of the company’s stock.

Shares of New Media Investment Group Inc. (NYSE NEWM) traded down 1.15% during trading on Thursday, hitting $13.72. The company had a trading volume of 71,148 shares. New Media Investment Group Inc. has a 1-year low of $11.87 and a 1-year high of $17.19. The company’s 50 day moving average is $13.60 and its 200 day moving average is $14.01. The firm’s market capitalization is $725.31 million.

New Media Investment Group (NYSE:NEWM) last released its quarterly earnings results on Thursday, July 27th. The company reported ($0.41) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.59. New Media Investment Group had a negative net margin of 0.64% and a positive return on equity of 2.22%. The firm had revenue of $322.90 million for the quarter, compared to the consensus estimate of $320.54 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts anticipate that New Media Investment Group Inc. will post $0.27 earnings per share for the current fiscal year.

New Media Investment Group announced that its board has authorized a stock buyback plan on Wednesday, May 17th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 15.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Wednesday, August 9th will be given a dividend of $0.35 per share. The ex-dividend date is Monday, August 7th. This represents a $1.40 annualized dividend and a dividend yield of 10.09%. New Media Investment Group’s dividend payout ratio is presently -1,272.73%.

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A number of research firms have issued reports on NEWM. Zacks Investment Research upgraded New Media Investment Group from a “sell” rating to a “hold” rating in a report on Wednesday, April 26th. BidaskClub cut New Media Investment Group from a “buy” rating to a “hold” rating in a report on Monday, July 24th. TheStreet cut New Media Investment Group from a “b-” rating to a “c” rating in a report on Friday, May 5th. Finally, Stephens upgraded New Media Investment Group from an “equal weight” rating to an “overweight” rating in a report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $16.67.

About New Media Investment Group

New Media Investment Group Inc is a holding company. The Company owns, operates and invests in local media assets. The Company’s segments include Eastern US Publishing, Central US Publishing, Western US Publishing and BridgeTower. It focuses on owning and acquiring local media assets in small to mid-size markets.

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Institutional Ownership by Quarter for New Media Investment Group (NYSE:NEWM)

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