Media General Inc. (NYSE:MEG) – Stock analysts at Wedbush reduced their FY2016 earnings estimates for Media General in a research report issued on Thursday. Wedbush analyst J. Dix now forecasts that the firm will post earnings of $0.76 per share for the year, down from their prior forecast of $0.87.

Separately, Zacks Investment Research cut Media General from a “hold” rating to a “sell” rating in a report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.17.

Shares of Media General (NYSE:MEG) opened at 18.36 on Monday. The firm has a 50-day moving average of $17.67 and a 200-day moving average of $17.62. The firm’s market capitalization is $2.37 billion. Media General has a one year low of $14.00 and a one year high of $18.65.

Media General (NYSE:MEG) last issued its quarterly earnings results on Wednesday, November 9th. The company reported ($0.53) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.85. Media General had a negative net margin of 4.25% and a positive return on equity of 6.92%. The business earned $377 million during the quarter, compared to analyst estimates of $404.62 million. During the same period in the previous year, the company posted ($0.38) earnings per share. Media General’s revenue was up 17.1% compared to the same quarter last year.

Several hedge funds have recently made changes to their positions in MEG. Vanguard Group Inc. raised its stake in shares of Media General by 10.1% in the second quarter. Vanguard Group Inc. now owns 6,818,694 shares of the company’s stock worth $117,213,000 after buying an additional 624,069 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Media General by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,369,311 shares of the company’s stock worth $38,643,000 after buying an additional 33,184 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Media General by 114.4% in the third quarter. BNP Paribas Arbitrage SA now owns 9,098 shares of the company’s stock worth $168,000 after buying an additional 4,855 shares during the period. Swiss National Bank raised its stake in shares of Media General by 7.3% in the second quarter. Swiss National Bank now owns 149,200 shares of the company’s stock worth $2,565,000 after buying an additional 10,200 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Media General during the second quarter worth $395,000. Institutional investors own 92.42% of the company’s stock.

In other 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 value of $71,600.00. Following the completion of the sale, the vice president now directly owns 4,545 shares in the company, valued at $81,355.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. 16.50% of the stock is owned by insiders.

About Media General

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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