Media General Inc. (NYSE:MEG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $20.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 10.31% from the company’s current price.
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) opened at 18.13 on Wednesday. The firm’s market capitalization is $2.34 billion. The firm has a 50-day moving average of $17.85 and a 200 day moving average of $17.43. Media General has a 12-month low of $13.73 and a 12-month high of $18.19.
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 firm had revenue of $363 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 EPS. On average, equities analysts predict that Media General will post $0.82 EPS for the current year.
In other Media General news, VP Deborah A. Mcdermott sold 4,000 shares of the company’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 in the company, valued at approximately $81,355.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 16.50% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. Legal & General Group Plc increased its position in shares of 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 last quarter. Suntrust Banks Inc. increased its position in shares of 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 last quarter. Principal Financial Group Inc. increased its position in shares of 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 last quarter. ProShare Advisors LLC increased its position in shares of 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 last quarter. 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 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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