Media General Inc (MEG) : Kavi Asset Management Lp reduced its stake in Media General Inc by 55.84% during the most recent quarter end. The investment management company now holds a total of 542,324 shares of Media General Inc which is valued at $9.3 Million after selling 685,676 shares in Media General Inc , the firm said in a disclosure report filed with the SEC on May 13, 2016.Media General Inc makes up approximately 8.09% of Kavi Asset Management Lp’s portfolio.
Other Hedge Funds, Including , Park Avenue Institutional Advisers added MEG to its portfolio by purchasing 33,000 company shares during the most recent quarter which is valued at $564,960. Media General Inc makes up approx 0.49% of Park Avenue Institutional Advisers’s portfolio.Harvest Management boosted its stake in MEG in the latest quarter, The investment management firm added 77,500 additional shares and now holds a total of 350,000 shares of Media General Inc which is valued at $6 Million. Media General Inc makes up approx 7.43% of Harvest Management’s portfolio.Rhumbline Advisers boosted its stake in MEG in the latest quarter, The investment management firm added 16,200 additional shares and now holds a total of 147,742 shares of Media General Inc which is valued at $2.6 Million. Media General Inc makes up approx 0.01% of Rhumbline Advisers’s portfolio.
Media General Inc opened for trading at $17.45 and hit $17.64 on the upside on Wednesday, eventually ending the session at $17.53, with a gain of 0.40% or 0.07 points. The heightened volatility saw the trading volume jump to 7,95,497 shares. Company has a market cap of $2,266 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.