Tribune Publishing (NASDAQ:TPCO) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Tribune Publishing (NASDAQ:TPCO) from a buy rating to a hold rating in a research note released on Saturday, Zacks.com reports.

According to Zacks, “Tribune Publishing Company is a media company. It offers sports, entertainment, business, real estate and travel news and information primarily in the United States. The company operates local media businesses with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida’s Sun-Sentinel, Virginia’s Daily Press and The Virginian-Pilot, The Morning Call of Lehigh Valley, Pennsylvania, and the Hartford Courant. Tribune Publishing Company, formerly known as Tronc, Inc., is headquartered in Chicago, Illinois. “

Several other brokerages also recently weighed in on TPCO. TheStreet downgraded shares of Tribune Publishing from a c- rating to a d+ rating in a research report on Monday, May 20th. Noble Financial set a $19.00 price objective on shares of Tribune Publishing and gave the stock a buy rating in a research report on Monday, March 18th.

Shares of NASDAQ:TPCO opened at $8.20 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.21 and a debt-to-equity ratio of 0.29. Tribune Publishing has a twelve month low of $7.96 and a twelve month high of $18.65. The business’s 50 day moving average is $8.71.

Tribune Publishing (NASDAQ:TPCO) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.01). The company had revenue of $244.53 million for the quarter, compared to analysts’ expectations of $235.40 million. Tribune Publishing had a return on equity of 2.63% and a net margin of 24.95%. On average, equities research analysts forecast that Tribune Publishing will post 0.38 EPS for the current year.

The firm also recently declared a special dividend, which was paid on Tuesday, July 2nd. Investors of record on Wednesday, June 12th were given a $1.50 dividend. The ex-dividend date was Tuesday, June 11th.

A number of hedge funds have recently added to or reduced their stakes in TPCO. Rhumbline Advisers purchased a new stake in shares of Tribune Publishing in the 4th quarter worth approximately $254,000. Prudential Financial Inc. purchased a new stake in Tribune Publishing during the fourth quarter valued at approximately $330,000. California Public Employees Retirement System purchased a new stake in Tribune Publishing during the fourth quarter valued at approximately $402,000. New York State Common Retirement Fund purchased a new stake in Tribune Publishing during the fourth quarter valued at approximately $197,000. Finally, BlackRock Inc. purchased a new stake in Tribune Publishing during the fourth quarter valued at approximately $14,563,000. Hedge funds and other institutional investors own 39.16% of the company’s stock.

About Tribune Publishing

Tribune Publishing Company, a media company, publishes newspapers worldwide. The company operates in two segments, M and X. 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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