Tribune Media Company (TRCO) Expected to Post Quarterly Sales of $470.28 Million
Brokerages predict that Tribune Media Company (NYSE:TRCO) will post sales of $470.28 million for the current quarter, Zacks reports. Two analysts have provided estimates for Tribune Media’s earnings, with the highest sales estimate coming in at $470.55 million and the lowest estimate coming in at $470.00 million. Tribune Media posted sales of $526.11 million during the same quarter last year, which suggests a negative year over year growth rate of 10.6%. The business is scheduled to issue its next quarterly earnings results before the market opens on Wednesday, August 9th.
According to Zacks, analysts expect that Tribune Media will report full-year sales of $470.28 million for the current year, with estimates ranging from $1.87 billion to $1.89 billion. For the next year, analysts forecast that the firm will post sales of $2.05 billion per share, with estimates ranging from $2.03 billion to $2.07 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Tribune Media.
Tribune Media (NYSE:TRCO) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by $0.14. Tribune Media had a positive return on equity of 4.40% and a negative net margin of 4.09%. The company had revenue of $439.90 million for the quarter, compared to analysts’ expectations of $450.18 million. During the same quarter last year, the business posted $0.22 EPS. The business’s quarterly revenue was down 6.1% on a year-over-year basis.
TRCO has been the topic of several research analyst reports. BWS Financial lowered their target price on shares of Tribune Media from $54.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, May 1st. Morgan Stanley upgraded shares of Tribune Media from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $37.00 to $43.50 in a research note on Tuesday, May 9th. Jefferies Group LLC restated a “hold” rating and set a $42.00 target price on shares of Tribune Media in a research note on Wednesday, June 14th. Wells Fargo & Company cut shares of Tribune Media from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 20th. Finally, Gabelli cut shares of Tribune Media from a “buy” rating to a “sell” rating in a research note on Tuesday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $44.50.
Shares of Tribune Media (NYSE:TRCO) opened at 40.59 on Tuesday. The stock’s market cap is $3.53 billion. Tribune Media has a 12-month low of $27.75 and a 12-month high of $43.04. The company’s 50-day moving average is $41.08 and its 200-day moving average is $37.43.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake 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 buying an additional 3,031,113 shares during the last quarter. Canyon Capital Advisors LLC acquired a new stake in Tribune Media during the first quarter valued at approximately $51,808,000. Morgan Stanley raised its stake in Tribune Media by 59.6% in the first quarter. Morgan Stanley now owns 2,811,082 shares of the company’s stock valued at $104,769,000 after buying an additional 1,049,539 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Tribune Media during the first quarter valued at approximately $32,630,000. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in Tribune Media during the first quarter valued at approximately $25,152,000.
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