BidaskClub downgraded shares of TEGNA Inc. (NYSE:TGNA) from a sell rating to a strong sell rating in a research note released on Tuesday morning.
A number of other analysts have also weighed in on the company. ValuEngine raised TEGNA from a hold rating to a buy rating in a research note on Monday, October 2nd. Zacks Investment Research lowered TEGNA from a hold rating to a sell rating in a research note on Tuesday, August 22nd. Jefferies Group LLC restated a hold rating and set a $14.00 target price on shares of TEGNA in a report on Monday, October 16th. Royal Bank Of Canada initiated coverage on TEGNA in a report on Tuesday, September 26th. They set a sector perform rating and a $14.00 target price for the company. Finally, Guggenheim initiated coverage on TEGNA in a report on Wednesday, October 18th. They set a buy rating and a $17.00 target price for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $18.44.
Shares of TEGNA (TGNA) traded down $0.16 during midday trading on Tuesday, hitting $12.50. The stock had a trading volume of 2,409,388 shares, compared to its average volume of 2,483,883. TEGNA has a 52 week low of $11.59 and a 52 week high of $17.08. The company has a quick ratio of 2.49, a current ratio of 1.37 and a debt-to-equity ratio of 4.30. The stock has a market capitalization of $2,724.50, a price-to-earnings ratio of 7.96, a price-to-earnings-growth ratio of 1.92 and a beta of 1.69.
TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. TEGNA had a return on equity of 20.50% and a net margin of 11.10%. The company had revenue of $464.26 million during the quarter, compared to analyst estimates of $463.23 million. During the same quarter in the previous year, the firm earned $0.65 earnings per share. TEGNA’s revenue was down 10.7% on a year-over-year basis. analysts anticipate that TEGNA will post 1.1 EPS for the current year.
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TEGNA announced that its board has approved a stock repurchase plan on Tuesday, September 19th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 11.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.24%. TEGNA’s dividend payout ratio (DPR) is presently 20.90%.
A number of large investors have recently made changes to their positions in the business. Schroder Investment Management Group raised its stake in shares of TEGNA by 80.1% in the third quarter. Schroder Investment Management Group now owns 3,811,565 shares of the company’s stock worth $51,228,000 after buying an additional 1,695,785 shares during the period. Legal & General Group Plc raised its stake in TEGNA by 3.8% during the 3rd quarter. Legal & General Group Plc now owns 1,065,059 shares of the company’s stock valued at $14,198,000 after purchasing an additional 39,394 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in TEGNA by 523.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock valued at $138,000 after purchasing an additional 8,678 shares during the period. Catalyst Capital Advisors LLC bought a new stake in TEGNA in the 3rd quarter worth approximately $293,000. Finally, BW Gestao de Investimentos Ltda. increased its stake in TEGNA by 39.9% in the 3rd quarter. BW Gestao de Investimentos Ltda. now owns 25,662 shares of the company’s stock worth $342,000 after acquiring an additional 7,318 shares during the last quarter. 97.19% of the stock is currently owned by institutional investors and hedge funds.
TEGNA Company Profile
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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