Patrick Soon-Shiong Buys 269,076 Shares of Tronc Inc. (TRNC) Stock
Tronc Inc. (NASDAQ:TRNC) Director Patrick Soon-Shiong acquired 269,076 shares of the business’s stock in a transaction that occurred 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 acquisition, the director now owns 641,906 shares in the company, valued at approximately $7,247,118.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Patrick Soon-Shiong also recently made the following trade(s):
- On Monday, November 7th, Patrick Soon-Shiong acquired 31,349 shares of Tronc stock. The stock was acquired at an average cost of $9.52 per share, with a total value of $298,442.48.
Tronc Inc. (NASDAQ:TRNC) opened at 12.35 on Monday. Tronc Inc. has a one year low of $5.45 and a one year high of $17.93. The company’s market capitalization is $449.89 million. The firm has a 50-day moving average of $15.01 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 earnings per share for the quarter, beating the 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 earned $378.24 million during the quarter. During the same period in the previous year, the firm earned ($0.07) earnings per share. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, equities analysts forecast that Tronc Inc. will post ($0.03) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRNC. BlackRock Inc. boosted its position 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 during the last quarter. First Trust Advisors LP bought a new position in Tronc during the third quarter valued at $224,000. Algert Global LLC bought a new position in Tronc during the third quarter valued at $294,000. Wells Fargo & Company MN boosted its position in Tronc by 3.8% in the third quarter. Wells Fargo & Company MN now owns 19,722 shares of the company’s stock valued at $332,000 after buying an additional 722 shares during the last quarter. Finally, Gabelli Funds LLC bought a new position in Tronc during the second quarter valued at $298,000. 63.06% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have commented on TRNC. TheStreet downgraded shares of Tronc from a “hold” rating to a “sell” rating in a report on Wednesday, November 9th. Zacks Investment Research downgraded shares of Tronc from a “buy” rating to a “hold” rating in a report on Wednesday, November 9th. Finally, Noble Financial began coverage on shares of Tronc in a report on Tuesday, August 23rd. They issued a “buy” rating and a $21.00 price target for the company.
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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