Media General Inc. (MEG) Stock Price Down 2.8%
Shares of Media General Inc. (NYSE:MEG) traded down 2.8% during mid-day trading on Tuesday . The company traded as low as $17.46 and last traded at $17.51, with a volume of 508,999 shares trading hands. The stock had previously closed at $18.02.
Separately, Zacks Investment Research raised shares of Media General from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Tuesday, September 13th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Media General currently has an average rating of “Hold” and a consensus target price of $15.57.
The firm’s market cap is $2.29 billion. The stock has a 50-day moving average price of $17.75 and a 200-day moving average price of $17.38.
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Media General (NYSE:MEG) last released its quarterly earnings data on Friday, August 5th. The company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.02. Media General had a positive return on equity of 3.48% and a negative net margin of 3.50%. The business earned $363 million during the quarter, compared to analysts’ expectations of $365.85 million. During the same period last year, the company earned $0.01 earnings per share. The firm’s revenue was up 13.1% compared to the same quarter last year. On average, analysts expect that Media General Inc. will post $0.82 EPS for the current year.
In related news, VP Deborah A. Mcdermott sold 4,000 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were 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 of the company’s stock, valued at $81,355.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 16.50% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in Media General during the second quarter worth $108,000. BlackRock Inc. raised its stake in Media General by 117.9% in the first quarter. BlackRock Inc. now owns 6,654 shares of the company’s stock valued at $109,000 after buying an additional 3,600 shares during the last quarter. Seven Eight Capital LLC purchased a new stake in Media General during the first quarter valued at approximately $154,000. First Republic Investment Management Inc. purchased a new stake in Media General during the first quarter valued at approximately $187,000. Finally, Prudential Financial Inc. purchased a new stake in Media General during the second quarter valued at approximately $198,000. 93.62% of the stock is owned by institutional investors.
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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