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 report issued to clients and investors 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 midday trading on Friday, hitting $18.50. The stock had a trading volume of 521,710 shares. Media General has a 52 week low of $14.00 and a 52 week high of $18.61. The stock has a 50-day moving average of $17.96 and a 200-day moving average of $17.50. The firm’s market cap is $2.39 billion.
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Media General (NYSE:MEG) last released its quarterly earnings data on Friday, August 5th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by $0.02. The company earned $363 million during the quarter, compared to the consensus estimate of $365.85 million. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 EPS. Analysts forecast that Media General will post $0.82 EPS for the current fiscal 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 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 owns 4,545 shares in the company, valued at $81,355.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 16.50% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Coastland Capital LLC increased its stake in Media General by 3,265.9% in the first quarter. Coastland Capital LLC now owns 2,749,307 shares of the company’s stock worth $44,841,000 after buying an additional 2,667,625 shares in the last quarter. GLG Partners LP bought a new stake in Media General during the second quarter worth approximately $28,177,000. Credit Suisse AG increased its stake in Media General by 515.5% in the second quarter. Credit Suisse AG now owns 1,944,841 shares of the company’s stock worth $33,432,000 after buying an additional 1,628,888 shares in the last quarter. Magnetar Financial LLC bought a new stake in Media General during the first quarter worth approximately $15,536,000. Finally, Water Island Capital LLC bought a new stake in Media General during the second quarter worth approximately $16,348,000. Institutional investors and hedge funds own 93.62% of the company’s stock.
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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