Harvest Management buys $6 Million stake in Media General Inc (MEG)

Media General Inc (MEG) : Harvest Management scooped up 77,500 additional shares in Media General Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 350,000 shares of Media General Inc which is valued at $6 Million.Media General Inc makes up approximately 7.43% of Harvest Management’s portfolio.

Other Hedge Funds, Including , Royce Associates Lp reduced its stake in MEG by selling 43,939 shares or 14.37% in the most recent quarter. The Hedge Fund company now holds 261,800 shares of MEG which is valued at $4.5 Million. Media General Inc makes up approx 0.03% of Royce Associates Lp’s portfolio.Neuberger Berman Group reduced its stake in MEG by selling 2,467,400 shares or 56.21% in the most recent quarter. The Hedge Fund company now holds 1,921,854 shares of MEG which is valued at $33.9 Million. Media General Inc makes up approx 0.05% of Neuberger Berman Group’s portfolio.Nationwide Fund Advisors reduced its stake in MEG by selling 749 shares or 1.08% in the most recent quarter. The Hedge Fund company now holds 68,859 shares of MEG which is valued at $1.2 Million. Media General Inc makes up approx 0.01% of Nationwide Fund Advisors’s portfolio.Russell Frank Co reduced its stake in MEG by selling 37,799 shares or 31.77% in the most recent quarter. The Hedge Fund company now holds 81,165 shares of MEG which is valued at $1.4 Million.

Media General Inc opened for trading at $17.15 and hit $17.48 on the upside on Monday, eventually ending the session at $17.41, with a gain of 1.69% or 0.29 points. The heightened volatility saw the trading volume jump to 5,25,247 shares. Company has a market cap of $2,251 M.

On the company’s financial health, Media General Inc reported $-0.20 EPS for the quarter, missing the analyst consensus estimate by $ -0.28 based on the information available during the earnings call on May 6, 2016. Analyst had a consensus of $0.08. The company had revenue of $343.00 million for the quarter, compared to analysts expectations of $339.50 million. The company’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.06 EPS.

Many Wall Street Analysts have commented on Media General Inc. Company shares were Reiterated by Wedbush on May 9, 2016 to “Neutral”, Firm has raised the Price Target to $ 19 from a previous price target of $18 .

Media General Inc. formerly Mercury New Holdco Inc. is a connected-screen multimedia company. The Company provides news information and entertainment. The Company’s segment include Broadcast segment which has around 71 television stations that are either owned operated or serviced by the Company in around 48 United States markets all of which are engaged principally in the sale of television advertising and Digital segment which includes digital companies: LIN Digital LIN Mobile HYFN Inc. (HYFN) Dedicated Media Inc. (Dedicated Media) BiteSize TV and Federated Media as well as the business operations related to the television station companion Websites. LIN Digital provides display and video advertising. LIN Mobile provides mobile advertising. Federated Media provides display and video advertising. Dedicated Media provides marketing data focusing and analytics for digital marketing campaigns. HYFN is a digital agency. BiteSize TV is a video content creator.

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