Shares of Media General Inc. (NYSE:MEG) have been given a consensus recommendation of “Hold” by the nine brokerages that are currently covering the company. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $14.83.
Separately, Zacks Investment Research raised shares of Media General from a “sell” rating to a “hold” rating in a research report on Wednesday, August 10th.
Shares of Media General (NYSE:MEG) opened at 17.88 on Tuesday. The company’s market capitalization is $2.31 billion. The firm has a 50-day moving average of $18.02 and a 200-day moving average of $17.56. Media General has a one year low of $14.00 and a one year high of $18.65.
Media General (NYSE:MEG) last announced its quarterly earnings data on Friday, August 5th. The company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.02. The business earned $363 million during the quarter, compared to the consensus estimate of $365.85 million. Media General had a positive return on equity of 3.48% and a negative net margin of 3.50%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 EPS. Equities research analysts expect that Media General will post $0.82 EPS for the current fiscal year.
In related news, VP Deborah A. Mcdermott sold 4,000 shares of the business’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $17.90, for a total transaction of $71,600.00. Following the transaction, the vice president now directly owns 4,545 shares in the company, valued at $81,355.50. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 16.50% of the company’s stock.
Institutional investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its position in shares of Media General by 114.4% in the third quarter. BNP Paribas Arbitrage SA now owns 9,098 shares of the company’s stock worth $168,000 after buying an additional 4,855 shares during the last quarter. Macquarie Group Ltd. purchased a new position in shares of Media General during the second quarter worth $860,000. Schwab Charles Investment Management Inc. increased its position in shares of Media General by 15.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 378,008 shares of the company’s stock worth $6,498,000 after buying an additional 49,308 shares during the last quarter. Stifel Financial Corp purchased a new position in shares of Media General during the second quarter worth $347,000. Finally, Amalgamated Bank increased its position in shares of Media General by 15.8% in the second quarter. Amalgamated Bank now owns 11,909 shares of the company’s stock worth $211,000 after buying an additional 1,626 shares during the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.
Media General Company Profile
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.
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