New Media Investment Group Inc. (NEWM) Upgraded at Zacks Investment Research
New Media Investment Group Inc. (NYSE:NEWM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday. The firm presently has a $17.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 16.28% from the stock’s current price.
According to Zacks, “New Media Investment Group, Inc. is an online advertising and digital marketing company. The company’s core products include daily newspapers; weekly newspapers; locally focused Websites; mobile sites and yellow page directories. Its print and online products provide local market news and information that covers various topics, such as local news and politics, community and regional events, youth sports, opinion and editorial pages, and local schools. It also invests in diversified portfolio of local media assets. New Media Investment Group Inc. is based in New York. “
A number of other research analysts have also recently commented on NEWM. Compass Point cut New Media Investment Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $21.00 to $20.00 in a research note on Friday, July 29th. Barrington Research reduced their price objective on New Media Investment Group from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, August 15th. TheStreet cut New Media Investment Group from a “buy” rating to a “hold” rating in a research note on Monday, August 29th. Finally, Citigroup Inc. cut New Media Investment Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $17.00 to $13.00 in a research note on Wednesday, August 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $17.25.
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Shares of New Media Investment Group (NYSE:NEWM) opened at 14.62 on Thursday. The company has a 50 day moving average price of $15.70 and a 200-day moving average price of $16.73. The firm has a market capitalization of $651.00 million, a PE ratio of 8.55 and a beta of 1.24. New Media Investment Group has a 12 month low of $14.25 and a 12 month high of $20.11.
New Media Investment Group (NYSE:NEWM) last issued its earnings results on Thursday, July 28th. The company reported $0.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.08. New Media Investment Group had a net margin of 6.09% and a return on equity of 7.07%. The firm earned $314.80 million during the quarter, compared to analyst estimates of $311.88 million. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities research analysts expect that New Media Investment Group will post $0.90 EPS for the current fiscal year.
In other New Media Investment Group news, major shareholder Leon G. Cooperman bought 30,000 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were acquired at an average cost of $15.40 per share, with a total value of $462,000.00. Following the completion of the transaction, the insider now owns 750,000 shares in the company, valued at $11,550,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.46% of the company’s stock.
Several hedge funds have recently made changes to their positions in NEWM. Teacher Retirement System of Texas raised its stake in shares of New Media Investment Group by 19.2% in the second quarter. Teacher Retirement System of Texas now owns 6,207 shares of the company’s stock worth $112,000 after buying an additional 999 shares during the last quarter. Springbok Capital Management LLC raised its stake in shares of New Media Investment Group by 69.4% in the first quarter. Springbok Capital Management LLC now owns 8,300 shares of the company’s stock valued at $138,000 after buying an additional 3,400 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in shares of New Media Investment Group during the second quarter valued at $188,000. Shufro Rose & Co. LLC purchased a new stake in shares of New Media Investment Group during the first quarter valued at $178,000. Finally, Eqis Capital Management Inc. purchased a new stake in shares of New Media Investment Group during the third quarter valued at $169,000. 78.00% of the stock is currently owned by institutional investors and hedge funds.
About New Media Investment Group
New Media Investment Group Inc (New Media) is a holding company. The Company owns, operates and invests in local media assets. It has a focus on owning and acquiring local media assets in small to mid-size markets. The Company is a publisher of locally based print and online media. The Company’s operating segments include Eastern US Publishing, Central US Publishing and Western US Publishing.
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