TEGNA (NYSE:TGNA) Upgraded to “Overweight” at Wells Fargo & Company

TEGNA (NYSE:TGNA) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Thursday,Benzinga reports. The firm presently has a $23.00 price objective on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 31.43% from the company’s previous close.

Other analysts also recently issued research reports about the company. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. upped their price objective on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Finally, Benchmark increased their price target on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th.

TEGNA Price Performance

Shares of NYSE:TGNA opened at $17.50 on Thursday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA has a twelve month low of $12.35 and a twelve month high of $19.62. The company’s 50 day moving average is $17.63 and its 200 day moving average is $15.56. The company has a market cap of $2.82 billion, a PE ratio of 6.18 and a beta of 0.52.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, sell-side analysts forecast that TEGNA will post 3.02 EPS for the current year.

Insider Buying and Selling

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total transaction of $410,000.00. Following the transaction, the chief operating officer now directly owns 154,617 shares of the company’s stock, valued at $2,535,718.80. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TGNA. Harbor Capital Advisors Inc. acquired a new position in shares of TEGNA in the 3rd quarter worth approximately $28,000. Headlands Technologies LLC increased its holdings in shares of TEGNA by 48.2% in the 2nd quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock valued at $63,000 after acquiring an additional 1,470 shares during the last quarter. Quarry LP increased its stake in TEGNA by 455.2% in the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after purchasing an additional 3,300 shares during the last quarter. Blue Trust Inc. raised its stake in TEGNA by 247.8% during the 2nd quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock worth $70,000 after acquiring an additional 3,350 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of TEGNA by 20.4% during the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after purchasing an additional 764 shares in the last quarter. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Company Profile

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.