Tegna (NYSE:TGNA) was upgraded by equities researchers at Wells Fargo & Co from a “market perform” rating to an “outperform” rating in a report released on Thursday, January 4th, MarketBeat Ratings reports. The firm currently has a $19.00 target price on the stock. Wells Fargo & Co’s price target points to a potential upside of 26.33% from the company’s previous close.
Other equities research analysts have also issued research reports about the company. FBR & Co reaffirmed a “hold” rating and issued a $15.00 target price on shares of Tegna in a research note on Wednesday, September 20th. BidaskClub lowered Tegna from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 7th. ValuEngine raised Tegna from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Noble Financial reaffirmed a “buy” rating on shares of Tegna in a research note on Tuesday, December 19th. Finally, Zacks Investment Research raised Tegna from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $18.50.
Shares of Tegna (TGNA) traded down $0.06 during trading hours on Thursday, hitting $15.04. The stock had a trading volume of 1,562,500 shares, compared to its average volume of 2,520,645. The stock has a market cap of $3,236.70, a price-to-earnings ratio of 11.22, a price-to-earnings-growth ratio of 7.75 and a beta of 1.72. 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 fifty-two week low of $11.59 and a fifty-two week high of $17.08.
Tegna (NYSE:TGNA) last announced its quarterly earnings results 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. The business had revenue of $464.26 million for the quarter, compared to analyst estimates of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The company’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 EPS. sell-side analysts expect that Tegna will post 1.08 EPS for the current year.
Tegna declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 19th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy up to 11.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In other news, EVP Todd A. Mayman sold 36,830 shares of the company’s stock in a transaction 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 in the company, valued at approximately $245,274.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the company’s stock in a transaction 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 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 hedge funds have recently added to or reduced their stakes in TGNA. BlackRock Inc. raised its position in shares of Tegna by 32.2% in the second quarter. BlackRock Inc. now owns 17,593,214 shares of the company’s stock valued at $253,518,000 after purchasing an additional 4,286,497 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in shares of Tegna by 0.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock valued at $148,994,000 after purchasing an additional 57,105 shares in the last quarter. Fairpointe Capital LLC boosted its stake in shares of Tegna by 13.3% in the 2nd quarter. Fairpointe Capital LLC now owns 8,478,230 shares of the company’s stock valued at $122,171,000 after purchasing an additional 993,543 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Tegna by 126.6% in the 2nd quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock valued at $84,289,000 after purchasing an additional 3,268,362 shares in the last quarter. Finally, Canyon Capital Advisors LLC acquired a new stake in shares of Tegna in the 2nd quarter valued at approximately $82,306,000. Institutional investors and hedge funds own 99.91% 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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