Media General Inc. (NYSE:MEG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
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) opened at 18.35 on Friday. Media General has a 12-month low of $14.00 and a 12-month high of $18.70. The firm’s 50-day moving average is $17.67 and its 200 day moving average is $17.67. The stock’s market capitalization is $2.37 billion.
Media General (NYSE:MEG) last announced its quarterly earnings results on Wednesday, November 9th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.85. Media General had a negative net margin of 4.25% and a positive return on equity of 6.92%. The firm had revenue of $377 million for the quarter, compared to analyst estimates of $404.62 million. During the same period last year, the firm posted ($0.38) EPS. The business’s revenue was up 17.1% compared to the same quarter last year. Equities research analysts anticipate that Media General will post $0.80 earnings per share for the current year.
In other news, VP Deborah A. Mcdermott sold 4,000 shares of the business’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $17.90, for a total transaction of $71,600.00. Following the completion of the transaction, the vice president now owns 4,545 shares of the company’s stock, valued at $81,355.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 16.50% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Media General by 10.1% in the second quarter. Vanguard Group Inc. now owns 6,818,694 shares of the company’s stock valued at $117,213,000 after buying an additional 624,069 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of 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 during the period. Swiss National Bank increased its position in shares of Media General by 7.3% in the second quarter. Swiss National Bank now owns 149,200 shares of the company’s stock valued at $2,565,000 after buying an additional 10,200 shares during the period. Emerald Acquisition Ltd. purchased a new position in shares of Media General during the second quarter valued at about $395,000. Finally, Teacher Retirement System of Texas increased its position in shares of Media General by 23.5% in the second quarter. Teacher Retirement System of Texas now owns 12,577 shares of the company’s stock valued at $216,000 after buying an additional 2,396 shares during the period. 93.18% of the stock is owned by institutional investors.
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.