McClatchy Co. (MNI) Bonds Rise 2.3% During Trading
An issue of McClatchy Co. (NYSE:MNI) debt rose 2.3% against its face value during trading on Tuesday. The high-yield issue of debt has a 6.875% coupon and will mature on March 15, 2029. The bonds in the issue are now trading at $79.50 and were trading at $71.50 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
Separately, Zacks Investment Research lowered shares of McClatchy from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th.
Shares of McClatchy Co. (NYSE:MNI) opened at 17.79 on Wednesday. The stock’s 50 day moving average is $16.02 and its 200 day moving average is $14.42. McClatchy Co. has a 12 month low of $8.30 and a 12 month high of $19.77. The company’s market cap is $135.76 million.
McClatchy (NYSE:MNI) last announced its quarterly earnings results on Thursday, July 21st. The company reported ($1.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by $1.35. The company had revenue of $242.20 million for the quarter, compared to the consensus estimate of $243.10 million. McClatchy had a negative net margin of 1.95% and a negative return on equity of 1.17%. The firm’s revenue was down 7.7% on a year-over-year basis. On average, analysts anticipate that McClatchy Co. will post ($3.45) EPS for the current fiscal year.
Several large investors have recently made changes to their positions in the stock. Spark Investment Management LLC raised its stake 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 valued at $130,000 after buying an additional 57,100 shares during the period. Renaissance Technologies LLC raised its stake in shares of McClatchy by 74.0% in the first quarter. Renaissance Technologies LLC now owns 157,299 shares of the company’s stock valued at $165,000 after buying an additional 66,900 shares during the period. Numeric Investors LLC bought a new stake in shares of McClatchy during the second quarter valued at about $409,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of McClatchy during the first quarter valued at about $1,484,000. 35.64% of the stock is currently owned by institutional investors.
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.
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