An issue of McClatchy Co. (NYSE:MNI) bonds rose 2.3% as a percentage of their face value during trading on Friday. The debt issue has a 6.875% coupon and will mature on March 15, 2029. The debt is now trading at $79.50 and was trading at $71.50 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

Separately, Zacks Investment Research upgraded McClatchy from a “hold” rating to a “strong-buy” rating and set a $16.00 price objective for the company in a report on Wednesday, June 29th.

McClatchy Co. (NYSE:MNI) opened at 17.74 on Friday. The stock’s market cap is $135.37 million. The company’s 50-day moving average price is $16.01 and its 200-day moving average price is $14.28. McClatchy Co. has a 12-month low of $8.30 and a 12-month high of $19.77.

McClatchy (NYSE:MNI) last released its quarterly earnings results on Thursday, July 21st. The company reported ($1.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by $1.35. The business earned $242.20 million during the quarter, compared to analyst estimates of $243.10 million. McClatchy had a negative return on equity of 1.17% and a negative net margin of 1.95%. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, equities analysts expect that McClatchy Co. will post ($3.45) EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in MNI. Spark Investment Management LLC boosted its position in shares of McClatchy by 84.6% in the first quarter. Spark Investment Management LLC now owns 124,600 shares of the company’s stock worth $130,000 after buying an additional 57,100 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of McClatchy by 74.0% in the first quarter. Renaissance Technologies LLC now owns 157,299 shares of the company’s stock worth $165,000 after buying an additional 66,900 shares during the last quarter. Numeric Investors LLC purchased a new position in shares of McClatchy during the second quarter worth approximately $409,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of McClatchy during the first quarter worth approximately $1,484,000. 35.64% of the stock is owned by institutional investors and hedge funds.

About McClatchy

The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The Company’s segments include Western Segment and Eastern Segment.

5 Day Chart for NYSE:MNI

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