Tronc Inc. (TRNC) Stock Rating Lowered by Zacks Investment Research
Tronc Inc. (NASDAQ:TRNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Tronc, Inc. is a media company. The Company offers sports, entertainment, business, real estate and travel news and information primarily in the United States. Its portfolio of news and information brands includes daily and weekly titles, digital properties and verticals in markets. Tronc, Inc., formerly known as Tribune Publishing Company, is based in CHICAGO, United States. “
Separately, Noble Financial started coverage on shares of Tronc in a report on Tuesday, August 23rd. They issued a “buy” rating and a $21.00 price objective for the company.
Shares of Tronc (NASDAQ:TRNC) opened at 11.58 on Wednesday. The firm’s market capitalization is $421.84 million. Tronc has a 52 week low of $5.45 and a 52 week high of $17.93. The company has a 50-day moving average of $15.14 and a 200-day moving average of $14.43.
Tronc (NASDAQ:TRNC) last released its quarterly earnings data on Tuesday, November 1st. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.37. The firm earned $378.24 million during the quarter. Tronc had a negative net margin of 0.79% and a positive return on equity of 124.45%. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.07) EPS. On average, equities analysts forecast that Tronc will post ($0.03) earnings per share for the current fiscal year.
In related news, Director Patrick Soon-Shiong bought 269,076 shares of the business’s stock in a transaction on Thursday, November 10th. The shares were bought at an average cost of $11.29 per share, for a total transaction of $3,037,868.04. Following the completion of the purchase, the director now owns 641,906 shares of the company’s stock, valued at approximately $7,247,118.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael W. Ferro, Jr. bought 1,005,582 shares of the business’s stock in a transaction on Wednesday, November 9th. The stock was bought at an average price of $11.19 per share, for a total transaction of $11,252,462.58. The disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of TRNC. BlackRock Fund Advisors boosted its stake in Tronc by 5.0% in the third quarter. BlackRock Fund Advisors now owns 740,783 shares of the company’s stock worth $12,504,000 after buying an additional 35,013 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Tronc during the third quarter worth about $10,943,000. Northern Trust Corp boosted its stake in Tronc by 4.6% in the third quarter. Northern Trust Corp now owns 293,032 shares of the company’s stock worth $4,946,000 after buying an additional 12,965 shares during the last quarter. Seizert Capital Partners LLC bought a new stake in Tronc during the second quarter worth about $1,742,000. Finally, Bank of New York Mellon Corp boosted its stake in Tronc by 2.8% in the third quarter. Bank of New York Mellon Corp now owns 109,479 shares of the company’s stock worth $1,848,000 after buying an additional 2,984 shares during the last quarter. Institutional investors own 63.06% of the company’s stock.
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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