GAMCO INVESTORS, INC. ET AL
disclosed that they own 6.9% of Media General Inc. (NYSE:MEG) in a Form 13D/A disclosure that was filed with the SEC on Tuesday, October 4th. The investor owns 8,893,457 shares of the stock valued at $164,440,020. The reporting parties listed on the disclosure included Gabelli Funds, LLC ID No 134044523, GAMCO Asset Management Inc ID No 134044521, Teton Advisors, Inc ID No 134008049, Gabelli Securities, Inc ID No 133379374, GGCP, Inc ID No 133056041, GAMCO Investors, Inc ID No 134007862, Associated Capital Group, Inc ID No 473965991 and Mario J Gabelli. The disclosure is available through EDGAR at this hyperlink.
A number of other institutional investors have also recently bought and sold shares of MEG. Legal & General Group Plc increased its position in Media General by 1.6% in the second quarter. Legal & General Group Plc now owns 22,724 shares of the company’s stock worth $392,000 after buying an additional 356 shares during the period. Suntrust Banks Inc. increased its position in Media General by 5.6% in the second quarter. Suntrust Banks Inc. now owns 16,222 shares of the company’s stock worth $278,000 after buying an additional 865 shares during the period. Principal Financial Group Inc. increased its position in Media General by 6.8% in the second quarter. Principal Financial Group Inc. now owns 14,577 shares of the company’s stock worth $251,000 after buying an additional 922 shares during the period. ProShare Advisors LLC increased its position in Media General by 13.8% in the second quarter. ProShare Advisors LLC now owns 13,343 shares of the company’s stock worth $229,000 after buying an additional 1,613 shares during the period. Finally, Amalgamated Bank increased its position in 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 period. Institutional investors and hedge funds own 93.62% of the company’s stock.
Media General Inc. (NYSE:MEG) traded down 0.27% during midday trading on Tuesday, hitting $18.44. The stock had a trading volume of 219,809 shares. The stock’s 50 day moving average price is $17.89 and its 200-day moving average price is $17.46. Media General Inc. has a 52 week low of $13.85 and a 52 week high of $18.61. The company’s market cap is $2.38 billion.
Media General (NYSE:MEG) last released its 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 firm had revenue of $363 million for the quarter, compared to analyst estimates of $365.85 million. Media General had a positive return on equity of 3.48% and a negative net margin of 3.50%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 EPS. Equities research analysts predict that Media General Inc. will post $0.82 earnings per share for the current year.
Separately, Zacks Investment Research downgraded Media General from a “hold” rating to a “sell” rating in a research note on Wednesday, July 27th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $15.57.
In other Media General 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 completion of the transaction, the vice president now owns 4,545 shares of the company’s stock, valued at approximately $81,355.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 16.50% 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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