Published On: Wed, Sep 14th, 2016

Media General Inc. (MEG) Upgraded to “Buy” at Zacks Investment Research

Media General Inc. (NYSE:MEG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $20.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 11.98% from the company’s previous close.
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 down 1.05% during trading on Tuesday, reaching $17.86. The company’s stock had a trading volume of 1,069,228 shares. The firm’s market capitalization is $2.31 billion. The firm has a 50-day moving average price of $17.71 and a 200-day moving average price of $17.35. Media General has a 52 week low of $10.31 and a 52 week high of $18.18.

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Media General (NYSE:MEG) last posted its earnings results on Friday, August 5th. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.02. The company had revenue of $363 million for the quarter, compared to the consensus estimate of $365.85 million. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the company posted $0.01 earnings per share. On average, equities analysts anticipate that Media General will post $0.82 EPS for the current fiscal year.
In related news, Director John R. Muse sold 7,995 shares of the stock in a transaction that occurred on Monday, June 20th. The stock was sold at an average price of $17.55, for a total value of $140,312.25. Following the completion of the transaction, the director now directly owns 70,174 shares of the company’s stock, valued at approximately $1,231,553.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Muse sold 1,211,478 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $17.94, for a total value of $21,733,915.32. Following the completion of the transaction, the director now directly owns 96,522 shares of the company’s stock, valued at $1,731,604.68. The disclosure for this sale can be found here. Insiders own 16.50% of the company’s stock.
Institutional investors have recently modified their holdings of the company. S. Muoio & CO. LLC raised its position in shares of Media General by 34.4% in the first quarter. S. Muoio & CO. LLC now owns 167,561 shares of the company’s stock worth $2,733,000 after buying an additional 42,900 shares during the period. Geode Capital Management LLC raised its position in shares of Media General by 2.9% in the first quarter. Geode Capital Management LLC now owns 607,878 shares of the company’s stock worth $9,914,000 after buying an additional 17,097 shares during the period. Yakira Capital Management Inc. acquired a new position in shares of Media General during the first quarter worth about $2,608,000. Covalent Partners LLC acquired a new position in shares of Media General during the first quarter worth about $3,914,000. Finally, Park Avenue Institutional Advisers LLC acquired a new position in shares of Media General during the first quarter worth about $538,000. 93.62% of the stock is owned by institutional investors and hedge funds.
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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