Catalyst Capital Advisors LLC Reduces Stake in New Media Investment Group Inc. (NYSE:NEWM)
Catalyst Capital Advisors LLC decreased its position in New Media Investment Group Inc. (NYSE:NEWM) by 21.8% during the second quarter, Holdings Channel reports. The institutional investor owned 24,000 shares of the company’s stock after selling 6,700 shares during the period. Catalyst Capital Advisors LLC’s holdings in New Media Investment Group were worth $324,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in New Media Investment Group during the fourth quarter worth approximately $15,702,000. Teachers Advisors LLC boosted its stake in New Media Investment Group by 40.4% in the fourth quarter. Teachers Advisors LLC now owns 99,379 shares of the company’s stock worth $1,589,000 after buying an additional 28,590 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in New Media Investment Group by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 21,800 shares of the company’s stock worth $310,000 after buying an additional 700 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in New Media Investment Group by 1,094.4% in the first quarter. Nisa Investment Advisors LLC now owns 10,750 shares of the company’s stock worth $153,000 after buying an additional 9,850 shares in the last quarter. Finally, Selz Capital LLC bought a new stake in New Media Investment Group during the first quarter worth approximately $1,151,000. 76.44% of the stock is owned by institutional investors and hedge funds.
New Media Investment Group Inc. (NYSE NEWM) opened at 13.70 on Tuesday. New Media Investment Group Inc. has a 52-week low of $11.87 and a 52-week high of $17.19. The company’s 50-day moving average is $13.61 and its 200-day moving average is $13.97. The firm’s market capitalization is $724.25 million.
New Media Investment Group (NYSE:NEWM) last announced its quarterly earnings results on Thursday, July 27th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.59. The company had revenue of $322.90 million during the quarter, compared to analysts’ expectations of $320.54 million. New Media Investment Group had a negative net margin of 0.64% and a positive return on equity of 2.22%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 EPS. Equities analysts predict that New Media Investment Group Inc. will post $0.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Wednesday, August 9th will be issued a $0.35 dividend. The ex-dividend date is Monday, August 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 10.22%. New Media Investment Group’s dividend payout ratio is presently -1,272.73%.
New Media Investment Group declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 15.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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A number of analysts have recently commented on NEWM shares. Zacks Investment Research raised shares of New Media Investment Group from a “sell” rating to a “hold” rating in a research note on Wednesday, April 26th. Stephens raised shares of New Media Investment Group from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, May 2nd. TheStreet cut shares of New Media Investment Group from a “b-” rating to a “c” rating in a research note on Friday, May 5th. Finally, BidaskClub cut shares of New Media Investment Group from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $16.67.
About New Media Investment Group
New Media Investment Group Inc is a holding company. The Company owns, operates and invests in local media assets. The Company’s segments include Eastern US Publishing, Central US Publishing, Western US Publishing and BridgeTower. It focuses on owning and acquiring local media assets in small to mid-size markets.
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