New Media Investment Group Inc. (NEWM) Cut to Hold at BidaskClub

New Media Investment Group Inc. (NYSE:NEWM) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

Separately, Zacks Investment Research raised shares of New Media Investment Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 29th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. New Media Investment Group has an average rating of “Hold” and a consensus target price of $18.00.

Shares of New Media Investment Group (NYSE NEWM) opened at 13.52 on Tuesday. New Media Investment Group has a one year low of $11.87 and a one year high of $17.19. The company’s market cap is $714.73 million. The company’s 50-day moving average is $13.64 and its 200-day moving average is $13.70.

New Media Investment Group (NYSE:NEWM) last announced its earnings results on Thursday, July 27th. The company reported ($0.41) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.59. The company had revenue of $322.90 million for the quarter, compared to analysts’ expectations of $320.54 million. New Media Investment Group had a positive return on equity of 2.22% and a negative net margin of 0.64%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business earned $0.21 EPS. On average, equities analysts predict that New Media Investment Group will post ($0.03) EPS for the current year.

New Media Investment Group declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 15.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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In related news, CEO Michael Reed bought 20,000 shares of the stock in a transaction on Wednesday, August 16th. The stock was bought at an average price of $13.60 per share, with a total value of $272,000.00. Following the completion of the purchase, the chief executive officer now directly owns 235,769 shares in the company, valued at approximately $3,206,458.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.34% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Highbridge Capital Management LLC lifted its position in shares of New Media Investment Group by 39.9% during the first quarter. Highbridge Capital Management LLC now owns 36,094 shares of the company’s stock worth $513,000 after purchasing an additional 10,285 shares in the last quarter. Swiss National Bank lifted its position in shares of New Media Investment Group by 3.1% during the first quarter. Swiss National Bank now owns 86,262 shares of the company’s stock worth $1,226,000 after purchasing an additional 2,600 shares in the last quarter. Thrivent Financial For Lutherans lifted its position in shares of New Media Investment Group by 1.6% during the first quarter. Thrivent Financial For Lutherans now owns 128,370 shares of the company’s stock worth $1,824,000 after purchasing an additional 1,970 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of New Media Investment Group by 32.9% during the first quarter. Wells Fargo & Company MN now owns 1,358,175 shares of the company’s stock worth $19,298,000 after purchasing an additional 336,109 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its position in shares of New Media Investment Group by 6.8% during the first quarter. Great West Life Assurance Co. Can now owns 71,588 shares of the company’s stock worth $1,017,000 after purchasing an additional 4,580 shares in the last quarter. 75.05% of the stock is currently owned by institutional investors and hedge funds.

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.

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