Zacks Investment Research Lowers Tegna (TGNA) to Sell

Zacks Investment Research lowered shares of Tegna (NYSE:TGNA) from a hold rating to a sell rating in a report published on Wednesday, January 10th.

According to Zacks, “Over the past six months, the share price of TEGNA increased 1.7% but failed to beat the industry’s gain of 8.3%. Moreover, TEGNA’s operation in a competitive broadcast TV industry remains a concern. The U.S. broadcast TV industry has long been grappling with declining advertising revenues and global economic volatility. On the flip side, TEGNA seems to be soaring high, post the completion of its two strategic business moves. On one side, TEGNA plans to use the $250 million of gross proceeds from the sale of its web portal CareerBuilder, to clear off existing debt. While the spin-off of its auto-sales website, Cars.com into two publicly traded companies: TEGNA and Cars.com, should increase TEGNA's growth opportunities and appropriate market valuations. Moreover, TEGNA’s media business is faring well, evident from the revenue growth.”

Other equities research analysts have also recently issued research reports about the stock. B. Riley reaffirmed a neutral rating on shares of Tegna in a research note on Wednesday, November 1st. ValuEngine raised shares of Tegna from a hold rating to a buy rating in a research note on Monday, October 2nd. BidaskClub raised shares of Tegna from a sell rating to a hold rating in a research report on Thursday, September 28th. Jefferies Group reissued a hold rating and set a $14.00 price target on shares of Tegna in a research report on Monday, October 16th. Finally, FBR & Co reissued a hold rating and set a $15.00 price target on shares of Tegna in a research report on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $18.22.

Tegna (NYSE TGNA) opened at $13.50 on Wednesday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 4.30. The firm has a market cap of $3,015.03, a PE ratio of 10.07, a P/E/G ratio of 6.91 and a beta of 1.65. Tegna has a twelve month low of $11.59 and a twelve month high of $17.08.

Tegna (NYSE:TGNA) last released its earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. Tegna had a net margin of 11.10% and a return on equity of 20.50%. The firm had revenue of $464.26 million for the quarter, compared to analysts’ expectations of $463.23 million. During the same period in the previous year, the company earned $0.65 earnings per share. The company’s quarterly revenue was down 10.7% on a year-over-year basis. analysts predict that Tegna will post 1.08 EPS for the current year.

In other Tegna news, SVP Clifton A. Mcclelland III sold 7,740 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the completion of the sale, the senior vice president now directly owns 32,335 shares in the company, valued at approximately $442,666.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Todd A. Mayman sold 36,830 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $12.63, for a total transaction of $465,162.90. Following the sale, the executive vice president now owns 19,420 shares of the company’s stock, valued at $245,274.60. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cerebellum GP LLC purchased a new position in shares of Tegna in the fourth quarter worth approximately $104,000. Point72 Asset Management L.P. purchased a new position in shares of Tegna in the third quarter worth approximately $110,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Tegna by 523.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock worth $138,000 after buying an additional 8,678 shares during the last quarter. Conning Inc. purchased a new position in shares of Tegna in the fourth quarter worth approximately $147,000. Finally, FNY Partners Fund LP purchased a new position in shares of Tegna in the second quarter worth approximately $158,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

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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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