Trade Report: Today, McClatchy Co. (MNI) Bond Prices Rise 3.3%

Today, McClatchy Co. (MNI) Bond Prices Rise 3.3%

An issue of McClatchy Co. (NYSE:MNI) bonds rose 3.3% against their face value during trading on Thursday. The high-yield debt issue has a 6.875% coupon and is set to mature on March 15, 2029. The debt is now trading at $77.25 and was trading at $70.75 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

Separately, Zacks Investment Research lowered McClatchy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 27th.

Shares of McClatchy Co. (NYSE:MNI) opened at 17.74 on Friday. McClatchy Co. has a 1-year low of $8.30 and a 1-year high of $19.77. The company’s market cap is $135.37 million. The company’s 50-day moving average price is $16.01 and its 200 day moving average price is $14.24.

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McClatchy (NYSE:MNI) last announced its quarterly earnings data on Thursday, July 21st. The company reported ($1.89) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.54) by $1.35. The firm earned $242.20 million during the quarter, compared to the consensus estimate of $243.10 million. McClatchy had a negative return on equity of 1.17% and a negative net margin of 1.95%. McClatchy’s quarterly revenue was down 7.7% compared to the same quarter last year. On average, analysts predict that McClatchy Co. will post ($3.45) earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Numeric Investors LLC bought a new position in shares of McClatchy during the second quarter worth approximately $409,000. Boothbay Fund Management LLC bought a new position in shares of McClatchy during the first quarter worth approximately $1,484,000. Renaissance Technologies LLC raised its position in shares of McClatchy by 74.0% in the first quarter. Renaissance Technologies LLC now owns 157,299 shares of the company’s stock worth $165,000 after buying an additional 66,900 shares during the period. Spark Investment Management LLC raised its position in shares of McClatchy by 84.6% in the first quarter. Spark Investment Management LLC now owns 124,600 shares of the company’s stock worth $130,000 after buying an additional 57,100 shares during the period. Finally, Algert Global LLC raised its position in shares of McClatchy by 15.4% in the first quarter. Algert Global LLC now owns 621,630 shares of the company’s stock worth $653,000 after buying an additional 82,993 shares during the period. 35.64% of the stock is currently owned by institutional investors and hedge funds.

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