NEW YORK ( TheStreet) -- Shares of Meredith Corporation (NYSE: MDP) were gapping up Wednesday morning with an open price 12.7% higher than Tuesday's closing price. The stock closed at $24.89 Tuesday and opened today's trading at $28.05. The average volume for Meredith has been 700,000 shares per day over the past 30 days. Meredith has a market cap of $927.4 million and is part of the services sector and media industry. Shares are down 28.2% year to date as of the close of trading on Tuesday. Meredith Corporation, a media and marketing company, engages in magazine publishing and related brand licensing, television broadcasting, integrated marketing, interactive media, and video production businesses in the United States. It operates in two segments, National Media and Local Media. The company has a P/E ratio of 8.9, below the average media industry P/E ratio of 9.2 and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Meredith as a hold. The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and a generally disappointing performance in the stock itself. You can view the full Meredith Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping up? Get free SMS text alerts sent to you when the action happens by texting UP to 95370 or select from multiple alert options.