Michael W. Ferro, Jr. Purchases 50,717 Shares of Tronc Inc. (TRNC) Stock
Tronc Inc. (NASDAQ:TRNC) Director Michael W. Ferro, Jr. purchased 50,717 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was bought at an average cost of $12.17 per share, for a total transaction of $617,225.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Tronc Inc. (NASDAQ:TRNC) opened at 12.68 on Wednesday. The firm’s market capitalization is $461.91 million. The firm’s 50-day moving average is $14.76 and its 200 day moving average is $14.50. Tronc Inc. has a 52-week low of $5.45 and a 52-week high of $17.93.
Tronc (NASDAQ:TRNC) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.37. The company 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 company’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 business earned ($0.07) earnings per share. Equities analysts anticipate that Tronc Inc. will post ($0.03) EPS for the current year.
TRNC has been the topic of a number of research reports. Noble Financial initiated coverage on shares of Tronc in a research note on Tuesday, August 23rd. They issued a “buy” rating and a $21.00 price target on the stock. Zacks Investment Research raised shares of Tronc from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Thursday, November 3rd. Finally, TheStreet downgraded shares of Tronc from a “hold” rating to a “sell” rating in a research report on Wednesday, November 9th.
Several institutional investors have recently made changes to their positions in the company. Credit Suisse AG boosted its position in shares of Tronc by 10.8% in the third quarter. Credit Suisse AG now owns 256,586 shares of the company’s stock worth $4,331,000 after buying an additional 25,087 shares in the last quarter. Gotham Asset Management LLC boosted its stake in Tronc by 38.4% in the third quarter. Gotham Asset Management LLC now owns 29,121 shares of the company’s stock valued at $492,000 after buying an additional 8,082 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Tronc during the third quarter valued at approximately $305,000. Ardsley Advisory Partners bought a new stake in Tronc during the third quarter valued at approximately $1,507,000. Finally, HighVista Strategies LLC bought a new stake in Tronc during the third quarter valued at approximately $1,460,000. 62.18% of the stock is currently 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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