Media General Inc. (MEG) Upgraded to Buy by Zacks Investment Research
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. “
Shares of Media General (NYSE:MEG) traded up 0.17% on Wednesday, reaching $18.13. The company’s stock had a trading volume of 34,914 shares. The stock has a 50-day moving average of $17.83 and a 200 day moving average of $17.43. The stock’s market capitalization is $2.34 billion. Media General has a 52 week low of $13.73 and a 52 week high of $18.18.
Media General (NYSE:MEG) last announced its earnings results on Friday, August 5th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.02. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The business had revenue of $363 million for the quarter, compared to the consensus estimate of $365.85 million. During the same quarter in the previous year, the company earned $0.01 EPS. Media General’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, analysts expect that Media General will post $0.82 EPS for the current year.
In related news, VP Deborah A. Mcdermott sold 4,000 shares of the firm’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $17.90, for a total transaction of $71,600.00. Following the completion of the sale, the vice president now directly owns 4,545 shares of the company’s stock, valued at approximately $81,355.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 16.50% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in Media General during the second quarter worth $108,000. BlackRock Inc. boosted its stake in Media General by 117.9% in the first quarter. BlackRock Inc. now owns 6,654 shares of the company’s stock valued at $109,000 after buying an additional 3,600 shares during the period. Seven Eight Capital LLC purchased a new stake in Media General during the first quarter valued at approximately $154,000. Prudential Financial Inc. purchased a new stake in Media General during the second quarter valued at approximately $198,000. Finally, BTG Pactual Global Asset Management Ltd boosted its stake in Media General by 23.0% in the second quarter. BTG Pactual Global Asset Management Ltd now owns 12,300 shares of the company’s stock valued at $211,000 after buying an additional 2,300 shares during the period. 93.62% of the stock is owned by hedge funds and other institutional investors.
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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