Zacks Investment Research downgraded shares of Media General Inc. (NYSE:MEG) from a buy rating to a sell rating in a report issued on Friday morning.
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. “
Shares of Media General (NYSE:MEG) opened at 18.21 on Friday. Media General has a one year low of $14.00 and a one year high of $18.65. The firm has a 50-day moving average of $18.01 and a 200-day moving average of $17.54. The company’s market capitalization is $2.35 billion.
Media General (NYSE:MEG) last released its quarterly earnings data on Friday, August 5th. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.02. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The company earned $363 million during the quarter, compared to analyst estimates of $365.85 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. Media General’s revenue for the quarter was up 13.1% on a year-over-year basis. Equities research analysts expect 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 the company’s 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 directly owns 4,545 shares in the company, valued at $81,355.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 16.50% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio bought a new position in Media General during the second quarter valued at approximately $108,000. BlackRock Inc. increased its position 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 in the last quarter. Seven Eight Capital LLC bought a new position in Media General during the first quarter valued at approximately $154,000. BNP Paribas Arbitrage SA increased its position 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 in the last quarter. Finally, Prudential Financial Inc. bought a new position in Media General during the second quarter valued at approximately $198,000. Hedge funds and other institutional investors 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.