Meredith (NYSE:MDP) Shares Up 6.5%

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Shares of Meredith Co. (NYSE:MDP) shot up 6.5% on Monday . The company traded as high as $15.23 and last traded at $14.90, 1,124,477 shares were traded during trading. A decline of 31% from the average session volume of 1,631,721 shares. The stock had previously closed at $13.99.

A number of research firms recently weighed in on MDP. TheStreet lowered Meredith from a “c” rating to a “d” rating in a research report on Thursday, May 14th. Citigroup reduced their price objective on Meredith from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $35.33.

The firm has a market cap of $676.28 million, a P/E ratio of 3.41 and a beta of 1.68. The stock has a fifty day simple moving average of $15.53 and a 200 day simple moving average of $22.28. The company has a debt-to-equity ratio of 4.75, a quick ratio of 1.18 and a current ratio of 1.23.

Meredith (NYSE:MDP) last posted its earnings results on Thursday, May 14th. The company reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $1.32 by ($0.83). The business had revenue of $701.70 million during the quarter. Meredith had a positive return on equity of 32.80% and a negative net margin of 8.39%.

Several institutional investors and hedge funds have recently modified their holdings of MDP. Tower Research Capital LLC TRC grew its holdings in shares of Meredith by 417.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,443 shares of the company’s stock worth $47,000 after acquiring an additional 1,164 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Meredith in the first quarter worth $65,000. New Mexico Educational Retirement Board grew its holdings in shares of Meredith by 39.1% in the first quarter. New Mexico Educational Retirement Board now owns 9,600 shares of the company’s stock worth $117,000 after acquiring an additional 2,700 shares during the period. Magnus Financial Group LLC bought a new stake in shares of Meredith in the first quarter worth $123,000. Finally, Steel Peak Wealth Management LLC bought a new stake in shares of Meredith in the first quarter worth $129,000. 91.63% of the stock is owned by institutional investors.

About Meredith (NYSE:MDP)

Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.

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