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New Media Investment Group Inc. (NEWM) Downgraded to Hold at BidaskClub
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Several other equities analysts also recently weighed in on NEWM. Zacks Investment Research upgraded shares of New Media Investment Group from a sell rating to a hold rating in a report on Wednesday, April 26th. TheStreet downgraded shares of New Media Investment Group from a b- rating to a c rating in a report on Friday, May 5th. Finally, Stephens upgraded shares of New Media Investment Group from an equal weight rating to an overweight rating in a report on Tuesday, May 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and an average price target of $17.50.
New Media Investment Group (NYSE NEWM) opened at 13.58 on Monday. New Media Investment Group has a 52-week low of $11.87 and a 52-week high of $19.89. The company has a market cap of $722.97 million, a price-to-earnings ratio of 28.00 and a beta of 1.27. The stock’s 50 day moving average is $13.43 and its 200 day moving average is $14.17.
New Media Investment Group (NYSE:NEWM) last released its earnings results on Thursday, April 27th. The company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.29. New Media Investment Group had a return on equity of 4.19% and a net margin of 1.82%. The firm had revenue of $307.50 million during the quarter, compared to analyst estimates of $297.40 million. During the same quarter last year, the business posted $0.11 EPS. The firm’s revenue was up 2.5% on a year-over-year basis. On average, analysts predict that New Media Investment Group will post $0.68 earnings per share for the current fiscal year.
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New Media Investment Group announced that its board has initiated a share repurchase plan on Wednesday, May 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 15.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, CEO Michael Reed bought 40,000 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was purchased at an average cost of $13.25 per share, for a total transaction of $530,000.00. Following the completion of the acquisition, the chief executive officer now owns 215,769 shares in the company, valued at $2,858,939.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.34% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in NEWM. Massachusetts Financial Services Co. MA increased its stake in New Media Investment Group by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 37,247 shares of the company’s stock worth $529,000 after buying an additional 442 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of 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 during the period. Arizona State Retirement System boosted its position in shares of New Media Investment Group by 3.3% in the first quarter. Arizona State Retirement System now owns 27,900 shares of the company’s stock worth $396,000 after buying an additional 900 shares during the period. Mason Street Advisors LLC boosted its position in shares of New Media Investment Group by 9.3% in the first quarter. Mason Street Advisors LLC now owns 12,504 shares of the company’s stock worth $178,000 after buying an additional 1,060 shares during the period. Finally, Berson & Corrado Investment Advisors LLC boosted its position in shares of New Media Investment Group by 0.6% in the first quarter. Berson & Corrado Investment Advisors LLC now owns 284,116 shares of the company’s stock worth $4,037,000 after buying an additional 1,724 shares during the period. Hedge funds and other institutional investors own 75.52% of the company’s stock.
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.