The stock of Media General Inc (NYSE:MEG) hit a new 52-week high and has $23.92 target or 31.00% above today’s $18.26 share price. The 8 months bullish chart indicates low risk for the $2.36B company. The 1-year high was reported on Sep, 30 by Barchart.com. If the $23.92 price target is reached, the company will be worth $731.60M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 988,352 shares traded hands or 28.52% up from the average. Media General Inc (NYSE:MEG) has risen 10.21% since February 26, 2016 and is uptrending. It has underperformed by 0.21% the S&P500.
Analysts await Media General Inc (NYSE:MEG) to report earnings on November, 3. They expect $0.35 earnings per share, up 1,066.67% or $0.32 from last year’s $0.03 per share. MEG’s profit will be $45.24M for 13.04 P/E if the $0.35 EPS becomes a reality. After $0.14 actual earnings per share reported by Media General Inc for the previous quarter, Wall Street now forecasts 150.00% EPS growth.
Media General Inc (NYSE:MEG) Ratings Coverage
Out of 4 analysts covering Media General (NYSE:MEG), 1 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 25% are positive. $20 is the highest target while $15 is the lowest. The $17 average target is -6.90% below today’s ($18.26) stock price. Media General has been the topic of 7 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The firm earned “Neutral” rating on Monday, October 12 by Wedbush. The firm has “Hold” rating by Gabelli given on Friday, January 8. Benchmark maintained Media General Inc (NYSE:MEG) rating on Friday, November 6. Benchmark has “Buy” rating and $19 price target. The rating was initiated by Stephens on Wednesday, November 18 with “Equal-Weight”.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment increased to 1.28 in Q2 2016. Its up 0.10, from 1.18 in 2016Q1. The ratio improved, as 21 funds sold all Media General Inc shares owned while 39 reduced positions. 19 funds bought stakes while 58 increased positions. They now own 117.34 million shares or 4.06% less from 122.30 million shares in 2016Q1.
The Illinois-based Pentwater Cap Management Ltd Partnership has invested 0.34% in Media General Inc (NYSE:MEG). Jane Street Grp Incorporated Limited Liability last reported 280,815 shares in the company. Blackrock Investment Management Limited Co has invested 0.01% of its portfolio in Media General Inc (NYSE:MEG). The New York-based Msd Prns L P has invested 0.06% in Media General Inc (NYSE:MEG). Tig Advsr Ltd Llc has invested 3.75% of its portfolio in Media General Inc (NYSE:MEG). Mckinley Cap Limited Liability Company Delaware accumulated 0% or 260 shares. Goldman Sachs Gp Incorporated last reported 1.10M shares in the company. Manufacturers Life Company The holds 0% or 74,594 shares in its portfolio. Macquarie Gp accumulated 50,050 shares or 0% of the stock. Parametric Associate Ltd Limited Liability Company holds 55,293 shares or 0% of its portfolio. First Republic Inv Mgmt owns 12,094 shares or 0% of their US portfolio. Westchester Capital Mngmt Ltd Llc has 0.7% invested in the company for 1.78M shares. Act Ii Management L P owns 156,912 shares or 2.14% of their US portfolio. Invesco Limited holds 0% of its portfolio in Media General Inc (NYSE:MEG) for 201,415 shares. State Street last reported 0% of its portfolio in the stock.
Insider Transactions: Since June 10, 2016, the stock had 0 insider buys, and 3 insider sales for $56.93 million net activity. MCDERMOTT DEBORAH A also sold $71,600 worth of Media General Inc (NYSE:MEG) shares. Another trade for 83,500 shares valued at $1.48 million was sold by MUSE JOHN R. 3.14M shares were sold by Standard General L.P., worth $55.38M on Tuesday, September 6.
Another recent and important Media General Inc (NYSE:MEG) news was published by Reuters.com which published an article titled: “BRIEF-Standard General reports 3.4 pct stake in Media General Inc” on September 08, 2016.
MEG Company Profile
Media General, Inc., formerly Mercury New Holdco, Inc., incorporated on March 19, 2014, is a connected-screen multimedia company. The Firm provides news, information and entertainment. The Company’s operating divisions include Broadcast and Digital. The Company’s Broadcast segment includes over 70 television stations that are either owned, operated or serviced by the Company in approximately 48 United States markets, all of which are engaged principally in the sale of television advertising. The Company’s Digital segment includes the operating results of the Company’s digital businesses, as well as the business related to the television station companion Websites. Digital segment includes LIN Digital, LIN Mobile, LLC (LIN Mobile), HYFN, Inc. (HYFN), Dedicated Media, Inc. (Dedicated Media), BiteSize TV and Federated Media, as well as the business related to the television station companion Websites.
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