The stock of Media General Inc (NYSE:MEG) hit a new 52-week high and has $30.05 target or 62.00% above today’s $18.55 share price. The 6 months bullish chart indicates low risk for the $2.40 billion company. The 1-year high was reported on Oct, 10 by Barchart.com. If the $30.05 price target is reached, the company will be worth $1.49B 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 74,323 shares traded hands. Media General Inc (NYSE:MEG) has risen 8.57% since March 7, 2016 and is uptrending. It has outperformed by 0.98% 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 $45.28 million for 13.25 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. Media General has been the topic of 7 analyst reports since August 7, 2015 according to StockzIntelligence Inc. On Wednesday, November 18 the stock rating was initiated by Stephens with “Equal-Weight”. The company was downgraded on Friday, January 8 by Gabelli. On Monday, October 12 the stock rating was downgraded by Wedbush to “Neutral”. The firm has “Buy” rating by Benchmark given on Friday, November 6.
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 is positive, 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.
Davenport & Company Ltd Liability Corporation, a Virginia-based fund reported 55,905 shares. Sandell Asset Mgmt Corporation holds 3.92% of its portfolio in Media General Inc (NYSE:MEG) for 1.03M shares. California State Teachers Retirement last reported 0.01% of its portfolio in the stock. Toronto Dominion Comml Bank holds 0.02% of its portfolio in Media General Inc (NYSE:MEG) for 300,000 shares. Credit Suisse Ag has 0.04% invested in the company for 1.94 million shares. Hound Prns Ltd Com holds 0.98% or 2.13 million shares in its portfolio. Mgmt Of Virginia Ltd has 14,489 shares for 0.06% of their US portfolio. The New York-based Msd Prns Ltd Partnership has invested 0.06% in Media General Inc (NYSE:MEG). Proshare Advisors Limited Liability Co owns 13,343 shares or 0% of their US portfolio. Moreover, Qs Investors Ltd Liability Corporation has 0.03% invested in Media General Inc (NYSE:MEG) for 187,203 shares. Finemark National Bank & Trust last reported 0% of its portfolio in the stock. Keeley Asset accumulated 1.2% or 1.68 million shares. Moreover, Tudor Invest Et Al has 0.53% invested in Media General Inc (NYSE:MEG) for 1.46 million shares. Deutsche Bank & Trust Ag has 273,846 shares for 0% of their US portfolio. Gabelli Funds Ltd holds 0.3% or 2.96 million shares in its portfolio.
Insider Transactions: Since June 10, 2016, the stock had 0 insider buys, and 3 insider sales for $56.93 million net activity. Another trade for 83,500 shares valued at $1.48 million was sold by MUSE JOHN R. MCDERMOTT DEBORAH A sold $71,600 worth of Media General Inc (NYSE:MEG) on Thursday, September 8. 3.14 million shares with value of $55.38 million were sold by Standard General L.P. on Tuesday, September 6.
More news for Media General Inc (NYSE:MEG) were recently published by: Reuters.com, which released: “BRIEF-Standard General reports 3.4 pct stake in Media General Inc” on September 08, 2016. Businesswire.com‘s article titled: “Media General, Inc. Announces Second Quarter 2016 Results” and published on August 05, 2016 is yet another important article.
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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