Media General Inc (NYSE:MEG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Media General, Inc. operates as a television broadcasting and digital media company. The Company offers consumers and advertisers with entertainment and information, content and distribution on every screen. It has the diverse digital media business with a portfolio that includes LIN Digital, LIN Mobile, HYFN, Dedicated Media, Federated Media and BiteSizeTV. The company’s broadcast operations include network-affiliated television stations and their associated digital and mobile media services. Media General, Inc. is headquartered in Richmond, Virginia. “
Media General (NYSE:MEG) traded up 0.50% during trading on Friday, reaching $18.01. 893,586 shares of the company’s stock traded hands. The stock’s market capitalization is $2.33 billion. The stock has a 50-day moving average price of $17.80 and a 200 day moving average price of $17.40. Media General has a 1-year low of $13.28 and a 1-year high of $18.18.
Media General (NYSE:MEG) last announced its quarterly earnings results on Friday, August 5th. The company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.02. The company earned $363 million during the quarter, compared to analyst estimates of $365.85 million. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.01 EPS. Equities research analysts expect that Media General will post $0.82 earnings per share for the current year.
In other Media General news, VP Deborah A. Mcdermott sold 4,000 shares of Media General stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $17.90, for a total value of $71,600.00. Following the transaction, the vice president now owns 4,545 shares in the company, valued at approximately $81,355.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 16.50% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of MEG. Vanguard Group Inc. raised its position in Media General by 10.1% in the second quarter. Vanguard Group Inc. now owns 6,818,694 shares of the company’s stock valued at $117,213,000 after buying an additional 624,069 shares during the last quarter. JPMorgan Chase & Co. raised its position in Media General by 16.4% in the first quarter. JPMorgan Chase & Co. now owns 4,981,967 shares of the company’s stock valued at $81,256,000 after buying an additional 701,444 shares during the last quarter. CNH Partners LLC raised its position in Media General by 7.4% in the second quarter. CNH Partners LLC now owns 3,104,515 shares of the company’s stock valued at $53,367,000 after buying an additional 213,880 shares during the last quarter. Coastland Capital LLC raised its position in Media General by 3,265.9% in the first quarter. Coastland Capital LLC now owns 2,749,307 shares of the company’s stock valued at $44,841,000 after buying an additional 2,667,625 shares during the last quarter. Finally, BlackRock Fund Advisors raised its position in Media General by 17.0% in the second quarter. BlackRock Fund Advisors now owns 2,636,745 shares of the company’s stock valued at $45,326,000 after buying an additional 382,311 shares during the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.
About Media General
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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