By: E&P Staff
Media General Inc. (NYSE: MEG)
Recent closing price: $10.38
52-week trading range: $4.34 (Aug. 4, 2009) to $13.60 (May 17, 2010)
52-week change in value: 114.1%
S&P 500 change in same period: 11.4%
The good old days: In 2005, MEG traded in a range of $41.74 to $57.06.
Who believes: Two of investor and long-term newspaper stockholder Mario Gabelli’s funds, Gabelli Fund and GAMCO Investors, are the largest institutional holders of MEG with a combined stake of 26.81%.
Who doesn’t: Short percentage of float as of July 15 was 32.1%, meaning about 1 in 3 MEG shares available for public trading were held by investors who borrow shares and sell them, betting the share price will drop so they can profit by returning shares bought at a cheaper price. Generally, a short percentage above 5% indicates bearish sentiment on a stock. Shorting of newspaper stocks has crept up again as the sector rally stalled in late spring.