Tegna (NYSE:TGNA) was upgraded by equities research analysts at Wells Fargo & Co from a “market perform” rating to an “outperform” rating in a note issued to investors on Thursday, January 4th, MarketBeat reports. The firm presently has a $19.00 price objective on the stock. Wells Fargo & Co’s target price points to a potential upside of 26.33% from the stock’s previous close.
A number of other equities analysts have also recently issued reports on the stock. B. Riley reissued a “neutral” rating on shares of Tegna in a report on Wednesday, November 1st. FBR & Co reissued a “hold” rating and issued a $15.00 target price on shares of Tegna in a report on Wednesday, September 20th. BidaskClub cut shares of Tegna from a “hold” rating to a “sell” rating in a report on Friday, October 13th. Jefferies Group reissued a “hold” rating and issued a $14.00 target price on shares of Tegna in a report on Monday, October 16th. Finally, Noble Financial reissued a “buy” rating on shares of Tegna in a report on Tuesday, November 14th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Tegna has an average rating of “Hold” and an average target price of $18.50.
Shares of Tegna (NYSE TGNA) traded down $0.06 during mid-day trading on Thursday, hitting $15.04. 1,562,597 shares of the stock traded hands, compared to its average volume of 2,444,674. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 4.30. Tegna has a twelve month low of $11.59 and a twelve month high of $17.08. The company has a market capitalization of $3,236.70, a PE ratio of 9.46, a price-to-earnings-growth ratio of 7.75 and a beta of 1.72.
Tegna announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 11.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In related news, EVP Todd A. Mayman sold 36,830 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $12.63, for a total transaction of $465,162.90. Following the transaction, the executive vice president now owns 19,420 shares in the company, valued at $245,274.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the transaction, the senior vice president now owns 32,335 shares in the company, valued at approximately $442,666.15. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. HPM Partners LLC boosted its holdings in Tegna by 0.6% during the second quarter. HPM Partners LLC now owns 12,764 shares of the company’s stock worth $184,000 after buying an additional 77 shares in the last quarter. Synovus Financial Corp boosted its holdings in Tegna by 4.4% during the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock worth $148,000 after buying an additional 438 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Tegna by 4.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock worth $182,000 after buying an additional 499 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Tegna by 2.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 42,256 shares of the company’s stock worth $609,000 after buying an additional 1,067 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Tegna by 5.3% during the second quarter. Franklin Resources Inc. now owns 53,928 shares of the company’s stock worth $777,000 after buying an additional 2,728 shares in the last quarter. Institutional investors and hedge funds own 99.71% of the company’s stock.
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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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