Zacks Investment Research upgraded shares of Media General Inc. (NYSE:MEG) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $20.00 price target on the stock.
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) traded up 0.17% during midday trading on Wednesday, hitting $18.13. The stock had a trading volume of 34,914 shares. The company has a 50-day moving average of $17.83 and a 200-day moving average of $17.43. Media General has a 1-year low of $13.73 and a 1-year high of $18.18. The stock’s market cap is $2.34 billion.
Media General (NYSE:MEG) last issued its quarterly earnings data on Friday, August 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by $0.02. Media General had a positive return on equity of 3.48% and a negative net margin of 3.50%. The firm had revenue of $363 million for the quarter, compared to the consensus estimate of $365.85 million. During the same quarter in the prior year, the firm earned $0.01 EPS. The company’s revenue was up 13.1% on a year-over-year basis. Equities research analysts forecast that Media General will post $0.82 EPS for the current year.
In related news, VP Deborah A. Mcdermott sold 4,000 shares of the business’s 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 sale, the vice president now directly owns 4,545 shares in the company, valued at $81,355.50. The sale was disclosed in a filing with the SEC, which is available at this link. 16.50% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of MEG. Legal & General Group Plc boosted its stake in shares of Media General by 1.6% in the second quarter. Legal & General Group Plc now owns 22,724 shares of the company’s stock valued at $392,000 after buying an additional 356 shares during the period. Suntrust Banks Inc. boosted its stake in shares of Media General by 5.6% in the second quarter. Suntrust Banks Inc. now owns 16,222 shares of the company’s stock valued at $278,000 after buying an additional 865 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Media General by 6.8% in the second quarter. Principal Financial Group Inc. now owns 14,577 shares of the company’s stock valued at $251,000 after buying an additional 922 shares during the period. ProShare Advisors LLC boosted its stake in shares of Media General by 13.8% in the second quarter. ProShare Advisors LLC now owns 13,343 shares of the company’s stock valued at $229,000 after buying an additional 1,613 shares during the period. Finally, Amalgamated Bank boosted its stake in shares of Media General by 15.8% in the second quarter. Amalgamated Bank now owns 11,909 shares of the company’s stock valued at $211,000 after buying an additional 1,626 shares during the period. Institutional investors and hedge funds own 93.62% of the company’s stock.
Media General Company Profile
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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