Convergence Investment Partners LLC trimmed its stake in shares of tronc Inc (NASDAQ:TRNC) by 32.0% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 27,948 shares of the company’s stock after selling 13,143 shares during the quarter. Convergence Investment Partners LLC’s holdings in tronc were worth $483,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in TRNC. MetLife Investment Advisors LLC bought a new stake in shares of tronc during the 4th quarter valued at $122,000. Citigroup Inc. lifted its position in shares of tronc by 245.5% during the 1st quarter. Citigroup Inc. now owns 8,057 shares of the company’s stock valued at $133,000 after acquiring an additional 5,725 shares during the period. SG Americas Securities LLC bought a new stake in shares of tronc during the 2nd quarter valued at $168,000. Element Capital Management LLC bought a new stake in shares of tronc during the 1st quarter valued at $382,000. Finally, Matarin Capital Management LLC bought a new stake in shares of tronc during the 1st quarter valued at $533,000. Hedge funds and other institutional investors own 40.05% of the company’s stock.
Shares of TRNC stock opened at $17.04 on Monday. The company has a quick ratio of 1.33, a current ratio of 1.38 and a debt-to-equity ratio of 2.51. tronc Inc has a twelve month low of $12.78 and a twelve month high of $24.74. The firm has a market cap of $627.94 million, a P/E ratio of 15.78 and a beta of 1.78.
tronc (NASDAQ:TRNC) last announced its quarterly earnings data on Thursday, August 9th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.51). tronc had a return on equity of 17.43% and a net margin of 18.03%. The business had revenue of $253.04 million for the quarter. research analysts expect that tronc Inc will post 0.39 earnings per share for the current fiscal year.
TRNC has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded tronc from a “sell” rating to a “hold” rating in a research report on Thursday, June 7th. BidaskClub upgraded tronc from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 31st. Finally, Noble Financial set a $21.00 price objective on tronc and gave the stock a “buy” rating in a research report on Sunday, July 8th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $21.33.
tronc Company Profile
tronc, Inc, a media company, publishes newspapers worldwide. The company operates in two segments, troncM and troncX. It publishes daily newspapers; weekly newspapers; and digital platforms, such as Websites and mobile applications. The company also provides various digital marketing services, which include the development of mobile Websites, search engine marketing and optimization, social media account management, and content marketing for its customers' Web presence for small to medium size businesses.
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