Tegna (NYSE:TGNA)‘s stock had its “buy” rating reiterated by equities researchers at Noble Financial in a report released on Tuesday, December 19th.
Other research analysts also recently issued research reports about the stock. FBR & Co reiterated a “hold” rating and set a $15.00 price target on shares of Tegna in a research report on Wednesday, September 20th. B. Riley restated a “neutral” rating on shares of Tegna in a research report on Wednesday, November 1st. BidaskClub downgraded shares of Tegna from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Wells Fargo & Co restated a “hold” rating and set a $14.00 target price on shares of Tegna in a research report on Friday, September 22nd. Finally, Jefferies Group restated a “hold” rating and set a $14.00 target price on shares of Tegna in a research report on Monday, October 16th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $18.50.
Shares of Tegna (TGNA) traded up $0.22 during trading hours on Tuesday, hitting $15.10. 2,048,524 shares of the stock traded hands, compared to its average volume of 2,640,423. The firm has a market cap of $3,250.00, a P/E ratio of 9.74, a PEG ratio of 7.49 and a beta of 1.57. The company has a debt-to-equity ratio of 4.30, a current ratio of 1.37 and a quick ratio of 1.37. Tegna has a 52 week low of $11.59 and a 52 week high of $17.08.
Tegna (NYSE:TGNA) last issued its quarterly earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The business had revenue of $464.26 million for the quarter, compared to the consensus estimate of $463.23 million. Tegna had a net margin of 11.10% and a return on equity of 20.50%. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 EPS. equities research analysts predict that Tegna will post 1.08 earnings per share for the current fiscal year.
Tegna announced that its Board of Directors has approved a share repurchase plan on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
In related news, EVP Todd A. Mayman sold 36,830 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $12.63, for a total transaction of $465,162.90. Following the completion of the sale, the executive vice president now directly owns 19,420 shares of the company’s stock, valued at approximately $245,274.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $13.69, for a total value of $105,960.60. Following the sale, the senior vice president now directly owns 32,335 shares of the company’s stock, valued at $442,666.15. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Tegna by 32.2% during the 2nd quarter. BlackRock Inc. now owns 17,593,214 shares of the company’s stock worth $253,518,000 after acquiring an additional 4,286,497 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Tegna by 90.5% during the 2nd quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock worth $185,828,000 after acquiring an additional 6,127,293 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake 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. New South Capital Management Inc. grew its stake in shares of Tegna by 8.1% during the 2nd quarter. New South Capital Management Inc. now owns 9,538,854 shares of the company’s stock worth $137,455,000 after acquiring an additional 711,382 shares in the last quarter. Finally, Fairpointe Capital LLC grew its stake in shares of Tegna by 13.3% during the 2nd quarter. Fairpointe Capital LLC now owns 8,478,230 shares of the company’s stock worth $122,171,000 after acquiring an additional 993,543 shares in the last quarter. 99.71% of the stock is owned by institutional investors.
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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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