Todays Report: The Media General Inc. (MEG) Cut to Sell at Zacks Investment Research

The Media General Inc. (MEG) Cut to Sell at Zacks Investment Research

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.

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