Thomson Reuters Corp (TRI) Sees Significant Drop in Short Interest
Thomson Reuters Corp (NYSE:TRI) (TSE:TRI) was the target of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 3,581,689 shares, a decline of 52.4% from the June 15th total of 7,521,245 shares. Based on an average daily trading volume, of 3,168,404 shares, the short-interest ratio is currently 1.1 days. Currently, 1.2% of the company’s stock are short sold.
A number of brokerages recently weighed in on TRI. BidaskClub upgraded shares of Thomson Reuters Corp from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Zacks Investment Research downgraded shares of Thomson Reuters Corp from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Morgan Stanley restated an “equal weight” rating and set a $49.00 target price (up from $48.00) on shares of Thomson Reuters Corp in a report on Tuesday, July 18th. TD Securities lowered their target price on shares of Thomson Reuters Corp from $65.00 to $61.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Deutsche Bank AG upgraded shares of Thomson Reuters Corp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $44.00 to $50.00 in a report on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $48.45.
Several large investors have recently made changes to their positions in the stock. Huntington National Bank acquired a new stake in shares of Thomson Reuters Corp during the second quarter valued at about $106,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Thomson Reuters Corp by 9.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,776 shares of the business services provider’s stock valued at $165,000 after buying an additional 337 shares in the last quarter. Laurel Wealth Advisors Inc. acquired a new stake in shares of Thomson Reuters Corp during the first quarter valued at about $216,000. Private Advisor Group LLC raised its stake in shares of Thomson Reuters Corp by 9.8% in the first quarter. Private Advisor Group LLC now owns 5,490 shares of the business services provider’s stock valued at $236,000 after buying an additional 489 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co raised its stake in shares of Thomson Reuters Corp by 6.6% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 5,528 shares of the business services provider’s stock valued at $239,000 after buying an additional 343 shares in the last quarter. 26.50% of the stock is owned by hedge funds and other institutional investors.
Thomson Reuters Corp (TRI) opened at 45.91 on Friday. The firm’s 50-day moving average is $45.53 and its 200-day moving average is $44.26. Thomson Reuters Corp has a 52-week low of $39.23 and a 52-week high of $47.04. The company has a market capitalization of $33.14 billion, a PE ratio of 10.86 and a beta of 0.75.
Thomson Reuters Corp (NYSE:TRI) (TSE:TRI) last announced its earnings results on Friday, April 28th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.10. Thomson Reuters Corp had a return on equity of 13.37% and a net margin of 28.14%. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same period last year, the firm posted $0.48 EPS. The business’s revenue was up .8% compared to the same quarter last year. On average, equities research analysts forecast that Thomson Reuters Corp will post $2.36 EPS for the current year.
Thomson Reuters Corp announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 24th that allows the company to buyback 36,000,000 shares. This buyback authorization allows the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
About Thomson Reuters Corp
Thomson Reuters Corporation (Thomson Reuters) is a provider of news and information for professional markets. The Company is organized in three business units: Financial & Risk, Legal, and Tax & Accounting. The Financial & Risk segment is a provider of critical news, information and analytics, enabling transactions and connecting communities of trading, investment, financial and corporate professionals.
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