Tribune Media Co. (NYSE:TRCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “Tribune Media Company is engaged in broadcast distribution, digital properties and data businesses. The company provides Antenna TV, THIS TV, radio station, music and video content and technologies. It also owns and manages real estate properties. Tribune Media Company, formerly known as Tribune Company, is based in Chicago, Illinois. “
TRCO has been the subject of several other reports. Wells Fargo & Co. reissued a “buy” rating on shares of Tribune Media in a report on Monday, September 26th. Jefferies Group reissued a “hold” rating on shares of Tribune Media in a report on Thursday, August 25th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Tribune Media currently has a consensus rating of “Hold” and a consensus target price of $44.17.
Shares of Tribune Media (NYSE:TRCO) opened at 34.24 on Wednesday. The company’s market capitalization is $3.10 billion. Tribune Media has a 12 month low of $26.10 and a 12 month high of $42.23. The firm’s 50-day moving average is $36.40 and its 200 day moving average is $38.06.
Tribune Media (NYSE:TRCO) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Tribune Media had a negative net margin of 24.18% and a positive return on equity of 3.67%. The firm had revenue of $526.10 million for the quarter, compared to analysts’ expectations of $539.10 million. During the same quarter in the prior year, the business earned ($0.04) EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Equities analysts expect that Tribune Media will post $2.23 EPS for the current year.
In related news, insider Matthew Cherniss sold 11,705 shares of Tribune Media stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $38.92, for a total transaction of $455,558.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.74% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA increased its stake in Tribune Media by 0.3% in the first quarter. Primecap Management Co. CA now owns 7,114,520 shares of the company’s stock worth $272,842,000 after buying an additional 22,970 shares during the period. Vanguard Group Inc. increased its stake in Tribune Media by 2.5% in the second quarter. Vanguard Group Inc. now owns 5,483,523 shares of the company’s stock worth $214,845,000 after buying an additional 132,994 shares during the period. Omega Advisors Inc. increased its stake in Tribune Media by 7.6% in the first quarter. Omega Advisors Inc. now owns 3,970,628 shares of the company’s stock worth $152,274,000 after buying an additional 281,033 shares during the period. State Street Corp increased its stake in Tribune Media by 1.1% in the second quarter. State Street Corp now owns 1,031,179 shares of the company’s stock worth $40,399,000 after buying an additional 10,971 shares during the period. Finally, River Road Asset Management LLC increased its stake in Tribune Media by 6.7% in the second quarter. River Road Asset Management LLC now owns 739,791 shares of the company’s stock worth $28,985,000 after buying an additional 46,702 shares during the period.
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