Zacks Investment Research upgraded shares of Tribune Media (NYSE:TRCO) from a sell rating to a hold rating in a research note released on Tuesday morning.
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. “
Several other analysts have also issued reports on TRCO. Deutsche Bank initiated coverage on shares of Tribune Media in a research report on Friday, October 20th. They issued a hold rating and a $42.00 price target on the stock. BidaskClub lowered shares of Tribune Media from a hold rating to a sell rating in a research report on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Tribune Media presently has an average rating of Hold and an average price target of $44.70.
Tribune Media (NYSE:TRCO) last posted its quarterly earnings results on Wednesday, November 8th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.06). The company had revenue of $450.53 million during the quarter, compared to analyst estimates of $459.81 million. Tribune Media had a positive return on equity of 4.11% and a negative net margin of 6.12%. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.56 earnings per share. sell-side analysts predict that Tribune Media will post 1.11 earnings per share for the current fiscal year.
In other news, insider Tribune L.P. Oaktree sold 7,000,000 shares of Tribune Media stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $40.36, for a total transaction of $282,520,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.55% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of TRCO. Cerebellum GP LLC acquired a new stake in shares of Tribune Media during the 4th quarter valued at about $132,000. Nationwide Fund Advisors boosted its position in shares of Tribune Media by 80.6% during the 2nd quarter. Nationwide Fund Advisors now owns 4,976 shares of the company’s stock valued at $203,000 after acquiring an additional 2,220 shares in the last quarter. Bluefin Trading LLC acquired a new stake in shares of Tribune Media during the 2nd quarter valued at about $204,000. LMR Partners LLP acquired a new stake in shares of Tribune Media during the 3rd quarter valued at about $204,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Tribune Media during the 4th quarter valued at about $212,000. Institutional investors and hedge funds own 90.09% of the company’s stock.
About Tribune Media
Tribune Media Company, through its subsidiaries, operates as a media and entertainment company in the United States. It offers news, entertainment, and sports programming through Tribune Broadcasting local television stations, including FOX television affiliates, CW Network, LLC television affiliates, CBS television affiliates, ABC television affiliates, NBC television affiliates, and independent television stations; and television series and movies on WGN America, a national general entertainment cable network.
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