BNP Paribas Arbitrage SA cut its holdings in Tribune Media Company (NYSE:TRCO) by 29.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 533,746 shares of the company’s stock after selling 218,168 shares during the quarter. BNP Paribas Arbitrage SA owned approximately 0.61% of Tribune Media worth $21,809,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in TRCO. Pentwater Capital Management LP bought a new position in Tribune Media in the second quarter valued at about $228,312,000. BlackRock Inc. raised its position in Tribune Media by 10,758.5% in the first quarter. BlackRock Inc. now owns 3,059,287 shares of the company’s stock valued at $114,020,000 after purchasing an additional 3,031,113 shares during the last quarter. Alpine Associates Management Inc. bought a new position in Tribune Media in the second quarter valued at about $108,957,000. Goldman Sachs Group Inc. raised its position in Tribune Media by 484.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,326,656 shares of the company’s stock valued at $54,088,000 after purchasing an additional 1,099,513 shares during the last quarter. Finally, York Capital Management Global Advisors LLC raised its position in Tribune Media by 208.4% in the second quarter. York Capital Management Global Advisors LLC now owns 1,549,379 shares of the company’s stock valued at $63,168,000 after purchasing an additional 1,047,037 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Tribune Media Company (NYSE:TRCO) traded up $0.18 during mid-day trading on Friday, reaching $41.00. The company’s stock had a trading volume of 685,400 shares, compared to its average volume of 658,057. The company has a market capitalization of $3,579.34, a P/E ratio of 28.28, a P/E/G ratio of 11.53 and a beta of 1.52. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.99 and a current ratio of 1.76. Tribune Media Company has a 1-year low of $27.75 and a 1-year high of $43.04.
Tribune Media (NYSE:TRCO) last issued its earnings results on Wednesday, November 8th. The company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.06). The business had revenue of $450.53 million during the quarter, compared to the consensus estimate of $459.81 million. Tribune Media had a positive return on equity of 4.11% and a negative net margin of 6.12%. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 earnings per share. research analysts predict that Tribune Media Company will post 1.18 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Monday, November 20th will be issued a $0.25 dividend. The ex-dividend date is Friday, November 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.44%. Tribune Media’s payout ratio is currently -75.19%.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Tribune Media from a “hold” rating to a “strong sell” rating in a research report on Saturday, October 21st. Deutsche Bank AG assumed coverage on Tribune Media in a research report on Friday, October 20th. They set a “hold” rating and a $42.00 price objective for the company. BidaskClub upgraded Tribune Media from a “sell” rating to a “hold” rating in a research report on Wednesday, September 20th. Finally, Jefferies Group LLC restated a “hold” rating and set a $42.00 price objective on shares of Tribune Media in a research report on Monday, August 14th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.88.
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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