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.