Tronc Inc. (TRNC) Stock Rating Lowered by TheStreet
Tronc Inc. (NASDAQ:TRNC) was downgraded by TheStreet from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
A number of other brokerages also recently commented on TRNC. Noble Financial assumed coverage on shares of Tronc in a research report on Tuesday, August 23rd. They set a “buy” rating and a $21.00 price objective on the stock. Zacks Investment Research downgraded shares of Tronc from a “buy” rating to a “hold” rating in a research report on Wednesday.
Shares of Tronc (NASDAQ:TRNC) opened at 11.58 on Wednesday. Tronc has a 1-year low of $5.45 and a 1-year high of $17.93. The stock’s market cap is $421.84 billion. The company’s 50-day moving average is $15.14 and its 200 day moving average is $14.43.
Tronc (NASDAQ:TRNC) last announced its quarterly earnings data on Tuesday, November 1st. The company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.37. Tronc had a negative net margin of 0.79% and a positive return on equity of 124.45%. The firm had revenue of $378.24 million for the quarter. During the same period in the previous year, the firm posted ($0.07) earnings per share. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. Equities research analysts anticipate that Tronc will post ($0.03) EPS for the current year.
In other Tronc news, Director Michael W. Ferro, Jr. bought 1,005,582 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was bought at an average cost of $11.19 per share, with a total value of $11,252,462.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick Soon-Shiong bought 269,076 shares of the firm’s stock in a transaction on Thursday, November 10th. The stock was acquired at an average cost of $11.29 per share, with a total value of $3,037,868.04. Following the completion of the transaction, the director now directly owns 641,906 shares of the company’s stock, valued at $7,247,118.74. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in 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 in the last quarter. First Trust Advisors LP purchased a new stake in shares of Tronc during the third quarter worth $224,000. Algert Global LLC purchased a new stake in shares of Tronc during the third quarter worth $294,000. Wells Fargo & Company MN boosted its stake in shares of Tronc by 3.8% in the third quarter. Wells Fargo & Company MN now owns 19,722 shares of the company’s stock worth $332,000 after buying an additional 722 shares during the last quarter. Finally, Gabelli Funds LLC purchased a new stake in shares of Tronc during the second quarter worth $298,000. 63.06% of the stock is owned by institutional investors.
Tronc Company Profile
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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