Media General Inc. (MEG) Position Held by Great West Life Assurance Co. Can
Great West Life Assurance Co. Can maintained its stake in Media General Inc. (NYSE:MEG) during the second quarter, Holdings Channel reports. The fund owned 10,919 shares of the company’s stock at the end of the second quarter. Great West Life Assurance Co. Can’s holdings in Media General were worth $178,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in Media General during the fourth quarter valued at approximately $11,132,000. TIAA CREF Investment Management LLC raised its stake in shares of Media General by 2.4% in the first quarter. TIAA CREF Investment Management LLC now owns 406,693 shares of the company’s stock valued at $6,633,000 after buying an additional 9,342 shares during the last quarter. BlackRock Inc. raised its stake in shares of Media General by 117.9% in the first quarter. BlackRock Inc. now owns 6,654 shares of the company’s stock valued at $109,000 after buying an additional 3,600 shares during the last quarter. Hudson Bay Capital Management LP raised its stake in shares of Media General by 146.6% in the first quarter. Hudson Bay Capital Management LP now owns 565,028 shares of the company’s stock valued at $9,216,000 after buying an additional 335,867 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of Media General by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,369,311 shares of the company’s stock valued at $38,643,000 after buying an additional 33,184 shares during the last quarter. 93.62% of the stock is currently owned by hedge funds and other institutional investors.
Media General Inc. (NYSE:MEG) traded down 0.67% during trading on Friday, hitting $17.81. The stock had a trading volume of 1,658,814 shares. Media General Inc. has a 12-month low of $10.31 and a 12-month high of $18.18. The firm’s market cap is $2.30 billion. The stock’s 50 day moving average price is $17.71 and its 200 day moving average price is $17.35.
Media General (NYSE:MEG) last posted its earnings results on Friday, August 5th. The company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.02. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The firm earned $363 million during the quarter, compared to analysts’ expectations of $365.85 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, analysts anticipate that Media General Inc. will post $0.82 EPS for the current fiscal year.
Separately, Zacks Investment Research lowered Media General from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 7th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $15.57.
In other news, Director John R. Muse sold 7,995 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 70,174 shares of the company’s stock, valued at approximately $1,231,553.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Deborah A. Mcdermott sold 4,000 shares of the business’s stock in a transaction dated Thursday, September 8th. The shares were 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 of the company’s stock, valued at $81,355.50. The disclosure for this sale can be found here. 16.50% of the stock is owned by insiders.
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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