TEGNA Inc. (NYSE:TGNA)‘s stock had its “hold” rating reiterated by equities research analysts at FBR & Co in a research note issued to investors on Wednesday, November 1st. They presently have a $15.00 price target on the stock. FBR & Co’s price target would suggest a potential upside of 20.00% from the company’s previous close.
A number of other research analysts have also commented on the company. Guggenheim began coverage on TEGNA in a report on Wednesday, October 18th. They issued a “buy” rating and a $17.00 price objective on the stock. Jefferies Group LLC reissued a “hold” rating and set a $14.00 target price on shares of TEGNA in a report on Monday, October 16th. BidaskClub lowered TEGNA from a “hold” rating to a “sell” rating in a report on Friday, October 13th. Noble Financial reissued a “buy” rating on shares of TEGNA in a report on Wednesday, October 11th. Finally, ValuEngine raised TEGNA from a “hold” rating to a “buy” rating in a report on Monday, October 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 stock. TEGNA presently has an average rating of “Hold” and a consensus target price of $18.44.
Shares of TEGNA (NYSE:TGNA) opened at $12.50 on Wednesday. TEGNA has a 12 month low of $11.59 and a 12 month 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 firm has a market capitalization of $2,690.07, a price-to-earnings ratio of 7.86, a P/E/G ratio of 1.90 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, beating analysts’ consensus estimates of $0.22 by $0.01. TEGNA had a return on equity of 20.50% and a net margin of 11.10%. The firm had revenue of $464.26 million for the quarter, compared to analyst estimates of $463.23 million. During the same period in the prior year, the firm posted $0.65 EPS. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. equities analysts expect that TEGNA will post 1.1 earnings per share for the current year.
TEGNA announced that its Board of Directors has authorized a stock repurchase program on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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Several hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in TEGNA by 523.1% in the third 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 last quarter. Synovus Financial Corp raised its position in TEGNA by 4.4% in the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after purchasing an additional 438 shares during the last quarter. FNY Partners Fund LP bought a new position in TEGNA in the second quarter valued at about $158,000. Quantbot Technologies LP bought a new position in TEGNA in the third quarter valued at about $169,000. Finally, Iberiabank Corp bought a new position in TEGNA in the second quarter valued at about $170,000. Institutional investors and hedge funds own 97.19% of the company’s stock.
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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