Michael W. Ferro, Jr. Purchases 1,005,582 Shares of Tronc Inc. (TRNC) Stock
Tronc Inc. (NASDAQ:TRNC) Director Michael W. Ferro, Jr. bought 1,005,582 shares of the company’s stock in a transaction dated Wednesday, November 9th. The stock was purchased at an average cost of $11.19 per share, for a total transaction of $11,252,462.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Tronc Inc. (NASDAQ:TRNC) opened at 11.58 on Friday. The company’s 50-day moving average is $15.14 and its 200-day moving average is $14.43. The stock’s market capitalization is $421.84 million. Tronc Inc. has a 12 month low of $5.45 and a 12 month high of $17.93.
Tronc (NASDAQ:TRNC) last issued its quarterly earnings results on Tuesday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.37. The business had revenue of $378.24 million for the quarter. Tronc had a negative net margin of 0.79% and a positive return on equity of 124.45%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.07) EPS. Equities analysts anticipate that Tronc Inc. will post ($0.03) earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Tronc by 4.7% in the third quarter. BlackRock Inc. now owns 6,654 shares of the company’s stock valued at $112,000 after buying an additional 298 shares during the period. First Trust Advisors LP acquired a new position in Tronc during the third quarter worth about $224,000. Algert Global LLC acquired a new position in Tronc during the third quarter worth about $294,000. Gabelli Funds LLC acquired a new position in Tronc during the second quarter worth about $298,000. Finally, Rhumbline Advisers acquired a new position in Tronc during the second quarter worth about $322,000. Institutional investors and hedge funds own 63.06% of the company’s stock.
TRNC has been the topic of several analyst reports. Noble Financial initiated coverage on shares of Tronc in a research report on Tuesday, August 23rd. They issued a “buy” rating and a $21.00 target price on the stock. TheStreet downgraded shares of Tronc from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Zacks Investment Research downgraded shares of Tronc from a “buy” rating to a “hold” rating in a research report on Wednesday.
tronc, Inc, formerly Tribune Publishing Company, is a content curation and monetization company focused on creating and distributing content across all channels. The Company’s portfolio of news and information brands includes daily and weekly titles, digital properties and verticals in markets across the country.
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