Shares of tronc, Inc. (NASDAQ:TRNC) have earned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy recommendation.
Brokerages have set a one year consensus target price of $24.00 for the company and are anticipating that the company will post $0.01 earnings per share for the current quarter, according to Zacks. Zacks has also assigned tronc an industry rank of 232 out of 265 based on the ratings given to its competitors.
TRNC has been the subject of several research analyst reports. ValuEngine lowered tronc from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Noble Financial reaffirmed a “buy” rating on shares of tronc in a report on Monday, March 13th. TheStreet raised tronc from a “d” rating to a “c-” rating in a report on Monday, March 13th. Finally, Zacks Investment Research lowered tronc from a “hold” rating to a “strong sell” rating in a report on Saturday, March 11th.
tronc (NASDAQ TRNC) traded down 2.55% during midday trading on Thursday, hitting $12.62. The stock had a trading volume of 27,153 shares. The firm’s 50-day moving average price is $12.05 and its 200 day moving average price is $13.39. tronc has a 12 month low of $8.76 and a 12 month high of $17.93. The company has a market cap of $414.15 million, a P/E ratio of 45.07 and a beta of 1.79.
In other tronc news, major shareholder Tribune L.P. Oaktree sold 3,741,371 shares of the business’s stock in a transaction dated Thursday, March 23rd. The stock was sold at an average price of $15.00, for a total transaction of $56,120,565.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 41.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. raised its stake in tronc by 7.1% in the first quarter. American International Group Inc. now owns 16,420 shares of the company’s stock valued at $229,000 after buying an additional 1,082 shares in the last quarter. HighTower Advisors LLC raised its stake in tronc by 6.9% in the first quarter. HighTower Advisors LLC now owns 49,019 shares of the company’s stock valued at $685,000 after buying an additional 3,173 shares in the last quarter. Bank of New York Mellon Corp raised its stake in tronc by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 97,942 shares of the company’s stock valued at $1,364,000 after buying an additional 3,296 shares in the last quarter. Hosking Partners LLP raised its stake in tronc by 10.2% in the first quarter. Hosking Partners LLP now owns 46,379 shares of the company’s stock valued at $646,000 after buying an additional 4,294 shares in the last quarter. Finally, Algert Global LLC raised its stake in tronc by 4.7% in the first quarter. Algert Global LLC now owns 97,806 shares of the company’s stock valued at $1,361,000 after buying an additional 4,370 shares in the last quarter. 37.12% of the stock is owned by institutional investors and hedge funds.
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tronc Company Profile
tronc, Inc, formerly Tribune Publishing Company, is a media company. As of December 25, 2016, the Company operated over 150 titles in nine markets. Its portfolio of news and information brands are in markets, including Los Angeles and San Diego, California; Chicago, Illinois; Fort Lauderdale and Orlando, Florida; Baltimore, Maryland; Hartford, Connecticut; Allentown, Pennsylvania, and Newport News, Virginia.
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