Guggenheim started coverage on shares of TEGNA Inc. (NYSE:TGNA) in a report published on Wednesday, October 18th, Marketbeat reports. The brokerage issued a buy rating and a $17.00 target price on the stock.
A number of other research analysts have also recently commented on TGNA. Noble Financial reissued a buy rating on shares of TEGNA in a report on Thursday, July 13th. TheStreet cut TEGNA from a b rating to a c+ rating in a report on Thursday, July 13th. ValuEngine raised TEGNA from a hold rating to a buy rating in a report on Thursday, July 27th. FBR & Co lowered their price target on TEGNA from $24.00 to $16.00 and set a mkt perform rating on the stock in a report on Friday, July 28th. Finally, Jefferies Group LLC reissued a hold rating and issued a $14.00 price target (down from $16.00) on shares of TEGNA in a report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. TEGNA currently has an average rating of Hold and an average target price of $18.44.
Shares of TEGNA (NYSE:TGNA) opened at 12.74 on Wednesday. The stock has a market capitalization of $2.74 billion, a P/E ratio of 15.57 and a beta of 1.73. The company has a 50-day moving average of $12.77 and a 200-day moving average of $14.13. TEGNA has a 52 week low of $11.46 and a 52 week high of $17.06.
TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The company had revenue of $489.36 million during the quarter, compared to the consensus estimate of $486.29 million. During the same period in the previous year, the company posted $0.50 EPS. The firm’s revenue was up 2.6% on a year-over-year basis. On average, analysts anticipate that TEGNA will post $1.10 EPS for the current year.
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TEGNA announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 19th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 11.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently modified their holdings of the company. Diamond Hill Capital Management Inc. raised its holdings in shares of TEGNA by 0.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock worth $148,994,000 after acquiring an additional 57,105 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of TEGNA by 4.4% during the 2nd quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock worth $5,373,000 after acquiring an additional 15,555 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of TEGNA by 3.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 975,530 shares of the company’s stock worth $24,994,000 after acquiring an additional 36,990 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of TEGNA by 22.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,957,427 shares of the company’s stock worth $42,616,000 after acquiring an additional 546,885 shares in the last quarter. Finally, Clinton Group Inc. raised its holdings in shares of TEGNA by 711.1% during the 2nd quarter. Clinton Group Inc. now owns 302,168 shares of the company’s stock worth $4,354,000 after acquiring an additional 264,914 shares in the last quarter. 97.85% of the stock is currently owned by institutional investors and hedge funds.
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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