Tribune Media Co. (TRCO) Rating Lowered to Sell at Zacks Investment Research
Tribune Media Co. (NYSE:TRCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Tribune Media Company is engaged in broadcast distribution, digital properties and data businesses. The company provides Antenna TV, THIS TV, radio station, music and video content and technologies. It also owns and manages real estate properties. Tribune Media Company, formerly known as Tribune Company, is based in Chicago, Illinois. “
TRCO has been the topic of a number of other reports. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Tribune Media in a research note on Monday, September 26th. Jefferies Group reaffirmed a “hold” rating on shares of Tribune Media in a research note on Thursday, August 25th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $44.17.
Shares of Tribune Media (NYSE:TRCO) opened at 34.24 on Wednesday. The company’s market cap is $3.10 billion. The firm has a 50-day moving average of $36.40 and a 200-day moving average of $38.06. Tribune Media has a 12-month low of $26.10 and a 12-month high of $42.23.
Tribune Media (NYSE:TRCO) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Tribune Media had a negative net margin of 24.18% and a positive return on equity of 3.67%. The firm had revenue of $526.10 million for the quarter, compared to analyst estimates of $539.10 million. During the same period last year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts predict that Tribune Media will post $2.23 EPS for the current year.
In related news, insider Matthew Cherniss sold 11,705 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $38.92, for a total transaction of $455,558.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.74% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Metropolitan Life Insurance Co. NY increased its stake in Tribune Media by 9.4% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,571 shares of the company’s stock worth $101,000 after buying an additional 220 shares during the period. M&T Bank Corp acquired a new position in Tribune Media during the second quarter valued at $213,000. Bayesian Capital Management LP acquired a new position in Tribune Media during the first quarter valued at $217,000. BNP Paribas Arbitrage SA increased its position in Tribune Media by 38.0% in the second quarter. BNP Paribas Arbitrage SA now owns 6,969 shares of the company’s stock valued at $273,000 after buying an additional 1,918 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new position in Tribune Media during the second quarter valued at $331,000.
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