TEGNA Inc. (NYSE:TGNA) Short Interest Down 7.4% in November

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TEGNA Inc. (NYSE:TGNA) saw a large decrease in short interest in the month of November. As of November 29th, there was short interest totalling 12,920,000 shares, a decrease of 7.4% from the November 14th total of 13,960,000 shares. Approximately 6.0% of the company’s shares are short sold. Based on an average daily volume of 1,610,000 shares, the days-to-cover ratio is currently 8.0 days.

Several institutional investors and hedge funds have recently added to or reduced their stakes in TGNA. Advisors Preferred LLC acquired a new stake in shares of TEGNA in the 2nd quarter valued at about $25,000. Usca Ria LLC bought a new position in shares of TEGNA in the 3rd quarter valued at about $39,000. Tower Research Capital LLC TRC bought a new position in shares of TEGNA in the 2nd quarter valued at about $50,000. Resources Investment Advisors LLC. bought a new position in shares of TEGNA in the 2nd quarter valued at about $71,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of TEGNA in the 2nd quarter valued at about $85,000. 99.49% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA stock traded up $0.02 during mid-day trading on Friday, hitting $16.18. 1,845,745 shares of the company’s stock were exchanged, compared to its average volume of 1,446,242. The company’s 50 day simple moving average is $15.40 and its 200-day simple moving average is $15.18. TEGNA has a fifty-two week low of $10.24 and a fifty-two week high of $16.58. The firm has a market capitalization of $3.44 billion, a P/E ratio of 8.84, a PEG ratio of 1.28 and a beta of 1.43. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 2.81.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.27. TEGNA had a return on equity of 24.84% and a net margin of 16.15%. The firm had revenue of $551.86 million for the quarter, compared to the consensus estimate of $540.52 million. During the same quarter last year, the business posted $0.40 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. Research analysts expect that TEGNA will post 1.24 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, December 5th. TEGNA’s dividend payout ratio is 15.30%.

Several analysts recently commented on the company. Barrington Research reaffirmed a “buy” rating and set a $20.00 price objective on shares of TEGNA in a research note on Thursday, November 14th. Wells Fargo & Co assumed coverage on TEGNA in a research note on Tuesday, September 24th. They set a “market perform” rating and a $17.00 price objective on the stock. Wolfe Research raised TEGNA from a “market perform” rating to an “outperform” rating in a research note on Monday, August 19th. ValuEngine raised TEGNA from a “strong sell” rating to a “sell” rating in a research note on Friday, November 1st. Finally, Zacks Investment Research raised TEGNA from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. TEGNA currently has a consensus rating of “Hold” and an average price target of $17.44.

About TEGNA

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.

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