Trade Report: Today, Media General Inc. (MEG) Upgrade by The Zacks Investment Research to “Hold”

Today, Media General Inc. (MEG) Upgrade by The Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Media General Inc. (NYSE:MEG) from a sell rating to a hold rating in a research report report published on Saturday 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. “

Media General (NYSE:MEG) opened at 18.35 on Friday. The stock’s 50 day moving average price is $17.67 and its 200-day moving average price is $17.67. Media General has a 52 week low of $14.00 and a 52 week high of $18.70. The stock’s market capitalization is $2.37 billion.

Media General (NYSE:MEG) last posted its quarterly earnings results on Wednesday, November 9th. The company reported ($0.53) EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.85. The firm earned $377 million during the quarter, compared to analyst estimates of $404.62 million. Media General had a positive return on equity of 6.92% and a negative net margin of 4.25%. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.38) earnings per share. Equities research analysts expect that Media General will post $0.80 earnings per share for the current year.

In other Media General news, VP Deborah A. Mcdermott sold 4,000 shares of Media General stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $17.90, for a total value of $71,600.00. Following the completion of the transaction, the vice president now directly owns 4,545 shares in the company, valued at $81,355.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 16.50% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of 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 worth $117,213,000 after buying an additional 624,069 shares during the last quarter. CNH Partners LLC increased its position in shares of Media General by 7.4% in the second quarter. CNH Partners LLC now owns 3,104,515 shares of the company’s stock worth $53,367,000 after buying an additional 213,880 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of Media General by 8.3% in the third quarter. BlackRock Fund Advisors now owns 2,855,300 shares of the company’s stock worth $52,623,000 after buying an additional 218,555 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Media General by 5.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,668,918 shares of the company’s stock worth $49,188,000 after buying an additional 143,542 shares during the last quarter. Finally, TIG Advisors LLC increased its position in shares of Media General by 3.3% in the second quarter. TIG Advisors LLC now owns 2,491,631 shares of the company’s stock worth $42,831,000 after buying an additional 79,722 shares during the last quarter. Institutional investors own 93.18% 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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