Tronc Inc. (NASDAQ:TRNC) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 749,356 shares, a drop of 38.3% from the October 31st total of 1,215,065 shares. Currently, 3.3% of the shares of the company are short sold. Based on an average daily volume of 637,979 shares, the days-to-cover ratio is presently 1.2 days.
In other news, Director Patrick Soon-Shiong acquired 31,349 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The shares were purchased at an average cost of $9.52 per share, for a total transaction of $298,442.48. Following the transaction, the director now directly owns 439,306 shares in the company, valued at approximately $4,182,193.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael W. Ferro, Jr. acquired 50,717 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The stock was purchased at an average price of $12.17 per share, for a total transaction of $617,225.89. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Credit Suisse AG raised its stake in shares of Tronc by 10.8% in the third quarter. Credit Suisse AG now owns 256,586 shares of the company’s stock valued at $4,331,000 after buying an additional 25,087 shares during the period. Gotham Asset Management LLC raised its stake in shares of Tronc by 38.4% in the third quarter. Gotham Asset Management LLC now owns 29,121 shares of the company’s stock valued at $492,000 after buying an additional 8,082 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Tronc during the third quarter valued at about $305,000. Ardsley Advisory Partners acquired a new stake in shares of Tronc during the third quarter valued at about $1,507,000. Finally, HighVista Strategies LLC acquired a new stake in shares of Tronc during the third quarter valued at about $1,460,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Tronc (NASDAQ:TRNC) opened at 12.88 on Tuesday. The firm’s 50 day moving average is $13.73 and its 200-day moving average is $14.60. The company’s market capitalization is $469.19 million. Tronc has a 52-week low of $5.45 and a 52-week high of $17.93.
Tronc (NASDAQ:TRNC) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.37. The firm had revenue of $378.24 million for the quarter. Tronc had a negative net margin of 0.79% and a positive return on equity of 124.45%. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. Equities research analysts anticipate that Tronc will post ($0.03) earnings per share for the current fiscal year.
Several analysts recently weighed in on TRNC shares. TheStreet downgraded shares of Tronc from a “hold” rating to a “sell” rating in a research report on Wednesday, November 9th. Noble Financial began coverage on shares of Tronc in a research report on Tuesday, August 23rd. They set a “buy” rating and a $21.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Tronc from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Thursday, November 3rd.
Tronc Company Profile