Media General Inc. (MEG) Downgraded to “Sell” at Zacks Investment Research
Media General Inc. (NYSE:MEG) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued on Friday.
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) traded down 0.16% during mid-day trading on Friday, hitting $18.50. The stock had a trading volume of 521,710 shares. The firm has a 50-day moving average of $17.96 and a 200-day moving average of $17.50. Media General has a 52-week low of $14.00 and a 52-week high of $18.61. The stock’s market cap is $2.39 billion.
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Media General (NYSE:MEG) last posted its quarterly earnings results on Friday, August 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the 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 firm had revenue of $363 million for the quarter, compared to analysts’ expectations of $365.85 million. During the same period in the prior year, the company earned $0.01 earnings per share. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, analysts forecast that Media General will post $0.82 EPS for the current fiscal year.
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 shares were sold at an average price of $17.90, for a total value of $71,600.00. Following the transaction, the vice president now owns 4,545 shares in the company, valued at approximately $81,355.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 16.50% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its stake in Media General by 114.4% in the third quarter. BNP Paribas Arbitrage SA now owns 9,098 shares of the company’s stock valued at $168,000 after buying an additional 4,855 shares during the period. Macquarie Group Ltd. bought a new stake in Media General during the second quarter valued at $860,000. Schwab Charles Investment Management Inc. increased its stake in Media General by 15.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 378,008 shares of the company’s stock valued at $6,498,000 after buying an additional 49,308 shares during the last quarter. Stifel Financial Corp bought a new stake in Media General during the second quarter valued at $347,000. Finally, Amalgamated Bank increased its stake in Media General by 15.8% in the second quarter. Amalgamated Bank now owns 11,909 shares of the company’s stock valued at $211,000 after buying an additional 1,626 shares during the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.
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.
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