Harvest Management LLC purchased a new stake in shares of Tribune (NYSE:TRCO) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 13,000 shares of the company’s stock, valued at approximately $500,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its position in shares of Tribune by 4.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 35,818 shares of the company’s stock valued at $1,371,000 after purchasing an additional 1,502 shares during the last quarter. Standard Life Aberdeen plc bought a new position in shares of Tribune during the 2nd quarter valued at approximately $267,000. Gabelli Funds LLC grew its stake in shares of Tribune by 20.8% during the 2nd quarter. Gabelli Funds LLC now owns 1,038,418 shares of the company’s stock valued at $39,740,000 after acquiring an additional 178,962 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Tribune by 8.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 443,011 shares of the company’s stock valued at $16,955,000 after acquiring an additional 33,355 shares during the period. Finally, James Investment Research Inc. bought a new position in shares of Tribune during the 3rd quarter valued at approximately $2,269,000. 94.16% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:TRCO opened at $39.25 on Friday. The company has a market cap of $3.41 billion, a P/E ratio of 27.84 and a beta of 1.06. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 0.86. Tribune has a 12-month low of $31.61 and a 12-month high of $43.71.
Tribune (NYSE:TRCO) last announced its quarterly earnings data on Friday, November 9th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.08. Tribune had a return on equity of 7.18% and a net margin of 28.61%. The company had revenue of $498.00 million during the quarter, compared to the consensus estimate of $481.79 million. During the same period in the previous year, the company posted $0.31 EPS. The firm’s revenue was up 10.5% on a year-over-year basis. On average, sell-side analysts expect that Tribune will post 3.1 earnings per share for the current year.
The firm also recently declared a dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Monday, November 19th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 16th. Tribune’s payout ratio is 70.92%.
A number of research analysts recently issued reports on TRCO shares. ValuEngine upgraded Tribune from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. Zacks Investment Research upgraded Tribune from a “hold” rating to a “strong-buy” rating and set a $44.00 price objective for the company in a research note on Tuesday, September 25th. Stephens upgraded Tribune from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $45.00 to $41.00 in a research note on Tuesday, July 17th. Wells Fargo & Co cut their price objective on Tribune from $42.00 to $36.00 and set a “market perform” rating for the company in a research note on Wednesday, July 18th. Finally, Evercore ISI started coverage on Tribune in a research note on Tuesday, July 31st. They set a “buy” rating and a $40.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Tribune has an average rating of “Hold” and an average price target of $40.20.
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Tribune Company Profile
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, MY 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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