McClatchy (MNI) Debt Trading 1.3% Lower
An issue of McClatchy Co (NYSEAMERICAN:MNI) debt fell 1.3% against its face value during trading on Wednesday. The high-yield issue of debt has a 6.875% coupon and will mature on March 15, 2029. The bonds in the issue are now trading at $94.38 and were trading at $94.75 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price.
Several research firms recently commented on MNI. Zacks Investment Research upgraded McClatchy from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. ValuEngine upgraded McClatchy from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 26th. Finally, Noble Financial restated a “hold” rating on shares of McClatchy in a research note on Tuesday, October 24th.
Shares of McClatchy Co (NYSEAMERICAN:MNI) traded down $0.10 during midday trading on Wednesday, hitting $9.09. The stock had a trading volume of 14,734 shares, compared to its average volume of 30,942. McClatchy Co has a 52 week low of $5.75 and a 52 week high of $13.92. The company has a quick ratio of 0.79, a current ratio of 0.85 and a debt-to-equity ratio of -93.38.
McClatchy (NYSEAMERICAN:MNI) last issued its earnings results on Monday, October 16th. The company reported ($0.78) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.55) by ($0.23). The firm had revenue of $212.60 million during the quarter, compared to the consensus estimate of $223.96 million.
In other McClatchy news, major shareholder Chatham Asset Management, Llc purchased 76,344 shares of McClatchy stock in a transaction that occurred on Friday, October 13th. The stock was purchased at an average price of $7.84 per share, with a total value of $598,536.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased 471,771 shares of company stock valued at $4,081,673 in the last three months. 34.91% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. Stifel Financial Corp lifted its holdings in McClatchy by 14.7% during the 2nd quarter. Stifel Financial Corp now owns 20,778 shares of the company’s stock worth $197,000 after buying an additional 2,659 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of McClatchy by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 366,612 shares of the company’s stock worth $3,545,000 after purchasing an additional 2,843 shares during the period. Tower Research Capital LLC TRC raised its position in shares of McClatchy by 1,102.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,845 shares of the company’s stock worth $101,000 after purchasing an additional 9,943 shares during the period. Hancock Holding Co. acquired a new stake in shares of McClatchy during the 2nd quarter worth approximately $181,000. Finally, Susquehanna International Group LLP raised its position in shares of McClatchy by 28.0% during the 3rd quarter. Susquehanna International Group LLP now owns 129,025 shares of the company’s stock worth $953,000 after purchasing an additional 28,189 shares during the period. 35.62% of the stock is currently owned by institutional investors.
McClatchy Company Profile
The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, 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. Its Western Segment consists of its newspaper operations in California, the Northwest and the Midwest.
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