McClatchy Co. (MNI) Bonds Trading 2.4% Higher
An issue of McClatchy Co. (NYSE:MNI) debt rose 2.4% as a percentage of its face value during trading on Wednesday. The debt issue has a 6.875% coupon and is set to mature on March 15, 2029. The bonds in the issue are now trading at $81.88 and were trading at $71.50 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.
Separately, Zacks Investment Research upgraded McClatchy from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a research note on Wednesday, June 29th.
McClatchy Co. (NYSE:MNI) opened at 17.89 on Thursday. The company’s market capitalization is $136.52 million. McClatchy Co. has a 1-year low of $8.30 and a 1-year high of $19.77. The firm has a 50-day moving average price of $16.03 and a 200 day moving average price of $14.44.
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McClatchy (NYSE:MNI) last posted its quarterly earnings data on Thursday, July 21st. The company reported ($1.89) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.54) by $1.35. The business earned $242.20 million during the quarter, compared to analysts’ expectations of $243.10 million. McClatchy had a negative net margin of 1.95% and a negative return on equity of 1.17%. The business’s revenue was down 7.7% compared to the same quarter last year. On average, equities analysts predict that McClatchy Co. will post ($3.45) EPS for the current year.
Several hedge funds have recently bought and sold shares of the stock. Numeric Investors LLC acquired a new stake in McClatchy during the second quarter worth approximately $409,000. Spark Investment Management LLC boosted its stake in McClatchy by 84.6% in the first quarter. Spark Investment Management LLC now owns 124,600 shares of the company’s stock worth $130,000 after buying an additional 57,100 shares during the period. Renaissance Technologies LLC boosted its stake in McClatchy by 74.0% in the first quarter. Renaissance Technologies LLC now owns 157,299 shares of the company’s stock worth $165,000 after buying an additional 66,900 shares during the period. Finally, Boothbay Fund Management LLC acquired a new stake in McClatchy during the first quarter worth approximately $1,484,000. Institutional investors and hedge funds own 35.64% of the company’s stock.
McClatchy Company Profile
The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The Company’s segments include Western Segment and Eastern Segment.
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