Zacks Investment Research Upgrades Media General Inc. (MEG) to “Hold”
Media General Inc. (NYSE:MEG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
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. “
Media General (NYSE:MEG) opened at 18.35 on Friday. Media General has a one year low of $14.00 and a one year high of $18.70. The stock’s 50 day moving average price is $17.67 and its 200 day moving average price is $17.67. The stock’s market cap is $2.37 billion.
Media General (NYSE:MEG) last posted its quarterly earnings data on Wednesday, November 9th. The company reported ($0.53) earnings per share (EPS) 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 had revenue of $377 million for the quarter, compared to analysts’ expectations of $404.62 million. During the same quarter in the previous year, the firm earned ($0.38) EPS. Media General’s revenue was up 17.1% compared to the same quarter last year. Equities analysts predict that Media General will post $0.80 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: This piece was reported by The Cerbat Gem and is the propert of of The Cerbat Gem. If you are accessing this piece on another publication, it was illegally copied and republished in violation of international trademark and copyright laws. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2016/11/26/zacks-investment-research-upgrades-media-general-inc-meg-to-hold.html.
In other Media General news, VP Deborah A. Mcdermott sold 4,000 shares of Media General 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 16.50% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Media General by 14.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 25,140 shares of the company’s stock worth $463,000 after buying an additional 3,200 shares during the period. Water Island Capital LLC raised its stake in shares of Media General by 26.1% in the third quarter. Water Island Capital LLC now owns 1,199,521 shares of the company’s stock worth $22,107,000 after buying an additional 248,477 shares during the period. BTG Pactual Global Asset Management Ltd raised its stake in shares of Media General by 76.4% in the third quarter. BTG Pactual Global Asset Management Ltd now owns 21,700 shares of the company’s stock worth $400,000 after buying an additional 9,400 shares during the period. Jane Street Group LLC raised its stake in shares of Media General by 3.2% in the third quarter. Jane Street Group LLC now owns 289,801 shares of the company’s stock worth $5,341,000 after buying an additional 8,986 shares during the period. Finally, Mason Capital Management LLC purchased a new stake in shares of Media General during the third quarter worth $38,076,000. 93.18% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Stock Ratings for Media General Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Media General Inc. and related stocks with our FREE daily email newsletter.