McClatchy Co. (MNI) Bond Prices Rise 2.3%

An issue of McClatchy Co. (NYSE:MNI) bonds rose 2.3% as a percentage of their face value during trading on Friday. The high-yield issue of debt has a 6.875% coupon and is set to mature on March 15, 2029. The debt is now trading at $79.50 and was trading at $71.50 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

Separately, Zacks Investment Research cut McClatchy from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th.

McClatchy Co. (NYSE:MNI) opened at 17.74 on Friday. The firm’s 50 day moving average price is $16.01 and its 200-day moving average price is $14.28. McClatchy Co. has a one year low of $8.30 and a one year high of $19.77. The firm’s market cap is $135.37 million.

McClatchy (NYSE:MNI) last released its quarterly earnings results on Thursday, July 21st. The company reported ($1.89) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.54) by $1.35. McClatchy had a negative return on equity of 1.17% and a negative net margin of 1.95%. The company had revenue of $242.20 million for the quarter, compared to analysts’ expectations of $243.10 million. McClatchy’s quarterly revenue was down 7.7% compared to the same quarter last year. Equities analysts predict that McClatchy Co. will post ($3.45) EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. 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 worth $130,000 after buying an additional 57,100 shares in the last quarter. 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 worth $165,000 after buying an additional 66,900 shares in the last quarter. Boothbay Fund Management LLC bought a new position in McClatchy during the first quarter worth about $1,484,000. Finally, Numeric Investors LLC bought a new position in McClatchy during the second quarter worth about $409,000. 35.64% of the stock is currently owned by hedge funds and other institutional investors.

About McClatchy

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.

5 Day Chart for NYSE:MNI

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