McClatchy Company (The) (NYSE:MNI) Bond Prices Rise 1%

An issue of McClatchy Company (The) (NYSE:MNI) debt rose 1% as a percentage of its face value during trading on Thursday. The high-yield debt issue has a 9% coupon and will mature on December 15, 2022. The bonds in the issue are now trading at $104.50 and were trading at $103.75 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

A number of equities research analysts have weighed in on MNI shares. Noble Financial reiterated a “buy” rating on shares of McClatchy Company (The) in a report on Saturday, May 6th. Zacks Investment Research upgraded McClatchy Company (The) from a “sell” rating to a “hold” rating in a report on Thursday, July 6th.

Shares of McClatchy Company (NYSE MNI) opened at 6.5599 on Friday. The stock’s 50 day moving average price is $8.47 and its 200 day moving average price is $10.00. McClatchy Company has a 12-month low of $6.35 and a 12-month high of $19.00. The company’s market cap is $50.00 million.

McClatchy Company (The) (NYSE:MNI) last released its quarterly earnings data on Friday, July 21st. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.60) by $0.19. McClatchy Company (The) had a negative return on equity of 13.89% and a negative net margin of 14.81%. The business had revenue of $225.12 million during the quarter, compared to analysts’ expectations of $229.70 million. On average, analysts forecast that McClatchy Company will post ($6.11) EPS for the current year.

In other news, major shareholder Contrarius Investment Manageme sold 9,700 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $8.20, for a total value of $79,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig I. Forman bought 5,500 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was purchased at an average cost of $8.23 per share, with a total value of $45,265.00. Following the transaction, the insider now directly owns 9,200 shares in the company, valued at approximately $75,716. The disclosure for this purchase can be found here. Insiders sold a total of 50,891 shares of company stock valued at $434,201 in the last three months. Corporate insiders own 34.91% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Stifel Financial Corp raised its position in shares of McClatchy Company (The) by 9.3% in the first quarter. Stifel Financial Corp now owns 18,119 shares of the company’s stock valued at $181,000 after buying an additional 1,535 shares in the last quarter. Hancock Holding Co. purchased a new position in shares of McClatchy Company (The) during the second quarter valued at about $181,000. Whitebox Advisors LLC purchased a new position in shares of McClatchy Company (The) during the first quarter valued at about $484,000. Highbridge Capital Management LLC purchased a new position in shares of McClatchy Company (The) during the first quarter valued at about $540,000. Finally, Dimensional Fund Advisors LP raised its position in shares of McClatchy Company (The) by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 366,612 shares of the company’s stock valued at $3,545,000 after buying an additional 2,843 shares in the last quarter. 39.00% of the stock is owned by hedge funds and other institutional investors.

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About McClatchy Company (The)

The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The Company’s segments include Western Segment and Eastern Segment.

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