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Meredith Corporation (MDP), NetGear Inc (NTGR): Royce & Associates’ Latest Moves

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According to its latest 13G filing with the U.S. Securities and Exchange Commission, Chuck Royce’s Royce & Associates reduced its exposure to Meredith Corporation (NYSE:MDP) by 231,800 shares. Following this transaction, the mutual fund now owns 2.8 million common shares, representing 7.76% of the company’s outstanding stock. In addition, the investment firm also disclosed a reduction in its position in NetGear Inc (NASDAQ:NTGR), after selling 525,900 shares. Royce & Associates still boasts a stake of 3.5 million common shares, which represents 10.3% of the NetGear’s outstanding stock.

Chuck Royce

Royce & Associates was founded in 1972 by Chuck Royce and is currently headquartered in New York. The mutual fund’s investment strategy is characterized by a value-based approach with a strong focus on companies with small market capitalizations. Through this small-cap value investment method, the firm has amassed a highly diversified equity portfolio, valued at around $29.6 billion. Royce & Associates’ top three picks during the third quarter were Thor Industries, Inc. (NYSE:THO), Buckle Inc (NYSE:BKE), and Myriad Genetics, Inc. (NASDAQ:MYGN), although none of these positions represented more than 1.2% of their equity portfolio during that period. The investment firm tends to be highly active at the end of each quarter, altering its holdings significantly. We covered several of these transactions last quarter, when Royce & Associates made four big moves, including the purchase of Movado Group, Inc (NYSE:MOV) and Matrix Service Co (NASDAQ:MTRX) stock.

Although the mutual fund reduced its stake in Meredith Corporation (NYSE:MDP) this quarter, it continues to be one of the company’s largest institutional investors. The $2.3 billion market cap media company has enjoyed the backing of Royce & Associates for quite some time now, and there is reason to believe the mutual fund remains bullish regarding this stock. In tune with its latest expansion efforts, Meredith Corporation recently disclosed the acquisition of Selectable Media. The newly purchased advertising firm is expected to deliver new revenue opportunities, thanks to its unique ability to engage audiences through native advertising solutions.

Meredith Corporation owns several television stations in the United States, as well as numerous websites and applications focused on news, sports, and weather-related information. In addition, the company boasts a publishing segment that not only includes the publication of a wide range of magazines, but also provides digital and customer relationship marketing services.

Apart from Royce & Associates, Meredith Corporation (NYSE:MDP) enjoys the backing of numerous institutional investors. John W. Roger’s Ariel Investments for example disclosed ownership of more than 2 million shares during the third quarter. Ken Fisher’s Fisher Asset Management also seems quite bullish regarding the stock, with a position amounting to 1 million shares. Although both these firms reduced their exposure to Meredith Corporation slightly during the third quarter, their large holdings suggest they remain optimistic regarding the stock’s future performance.

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