New Media Investment Group Inc. (NEWM) Upgraded at Zacks Investment Research
New Media Investment Group Inc. (NYSE:NEWM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday. The firm currently has a $17.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 16.28% from the stock’s previous close.
According to Zacks, “New Media Investment Group, Inc. is an online advertising and digital marketing company. The company’s core products include daily newspapers; weekly newspapers; locally focused Websites; mobile sites and yellow page directories. Its print and online products provide local market news and information that covers various topics, such as local news and politics, community and regional events, youth sports, opinion and editorial pages, and local schools. It also invests in diversified portfolio of local media assets. New Media Investment Group Inc. is based in New York. “
Several other equities analysts have also commented on the company. Barrington Research lowered New Media Investment Group from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 29th. TheStreet lowered New Media Investment Group from a “buy” rating to a “hold” rating in a research note on Monday, August 29th. Citigroup Inc. lowered New Media Investment Group from a “neutral” rating to a “sell” rating and decreased their price target for the company from $17.00 to $13.00 in a research note on Wednesday, August 24th. Finally, Compass Point downgraded New Media Investment Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $21.00 to $20.00 in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $17.25.
Shares of New Media Investment Group (NYSE:NEWM) opened at 14.62 on Thursday. The firm has a market cap of $651.00 million, a P/E ratio of 8.55 and a beta of 1.24. The firm has a 50-day moving average price of $15.70 and a 200 day moving average price of $16.73. New Media Investment Group has a one year low of $14.25 and a one year high of $20.11.
New Media Investment Group (NYSE:NEWM) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.08. New Media Investment Group had a net margin of 6.09% and a return on equity of 7.07%. The business earned $314.80 million during the quarter, compared to analyst estimates of $311.88 million. The firm’s revenue was up 5.1% on a year-over-year basis. On average, analysts forecast that New Media Investment Group will post $0.90 earnings per share for the current fiscal year.
In related news, major shareholder Leon G. Cooperman purchased 30,000 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were bought at an average price of $15.40 per share, for a total transaction of $462,000.00. Following the acquisition, the insider now directly owns 750,000 shares in the company, valued at $11,550,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.46% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Bank of Montreal Can bought a new stake in shares of New Media Investment Group during the second quarter valued at $16,933,000. Gilman Hill Asset Management LLC increased its position in New Media Investment Group by 3.6% in the second quarter. Gilman Hill Asset Management LLC now owns 264,377 shares of the company’s stock worth $4,777,000 after buying an additional 9,184 shares during the last quarter. Shikiar Asset Management Inc. increased its position in New Media Investment Group by 9.6% in the second quarter. Shikiar Asset Management Inc. now owns 302,475 shares of the company’s stock worth $5,466,000 after buying an additional 26,400 shares during the last quarter. Boothbay Fund Management LLC acquired a new position in New Media Investment Group during the first quarter worth approximately $217,000. Finally, Springbok Capital Management LLC increased its position in New Media Investment Group by 69.4% in the first quarter. Springbok Capital Management LLC now owns 8,300 shares of the company’s stock worth $138,000 after buying an additional 3,400 shares during the last quarter. Institutional investors own 78.00% of the company’s stock.
New Media Investment Group Company Profile
New Media Investment Group Inc (New Media) is a holding company. The Company owns, operates and invests in local media assets. It has a focus on owning and acquiring local media assets in small to mid-size markets. The Company is a publisher of locally based print and online media. The Company’s operating segments include Eastern US Publishing, Central US Publishing and Western US Publishing.
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