Zacks Investment Research upgraded shares of Tegna (NYSE:TGNA) from a sell rating to a hold rating in a report issued on Saturday, January 20th.
According to Zacks, “TEGNA is focused on acquiring lucrative businesses along with making additional investments to increase shareholder’s wealth. Recently, TEGNA has inked a deal to acquire the broadcasting stations of Midwest Television. The assets will be added to the company’s existing media division. TEGNA’s plan to use the $250 million of gross proceeds from the sale of its web portal CareerBuilder, to clear off existing debt, looks impressive. 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. However, 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. Over the past six months, the stock grew 3.7% but failed to beat the industry’s gain of 9.2%.”
Several other research analysts also recently commented on TGNA. Wells Fargo & Co reaffirmed a hold rating and issued a $14.00 target price on shares of Tegna in a research note on Friday, September 22nd. Royal Bank of Canada assumed coverage on shares of Tegna in a research note on Tuesday, September 26th. They issued a sector perform rating and a $14.00 target price on the stock. BidaskClub upgraded shares of Tegna from a sell rating to a hold rating in a report on Thursday, September 28th. ValuEngine upgraded shares of Tegna from a hold rating to a buy rating in a report on Monday, October 2nd. Finally, Noble Financial reiterated a buy rating on shares of Tegna in a report on Wednesday, October 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Tegna presently has an average rating of Hold and a consensus target price of $18.22.
Tegna (NYSE TGNA) traded up $0.28 during mid-day trading on Friday, hitting $14.04. 1,903,856 shares of the company’s stock traded hands, compared to its average volume of 2,174,446. The stock has a market capitalization of $2,922.50, a P/E ratio of 10.48, a PEG ratio of 6.69 and a beta of 1.65. Tegna has a 52-week low of $11.59 and a 52-week high of $17.08. The company has a debt-to-equity ratio of 4.30, a current ratio of 1.37 and a quick ratio of 1.37.
In other news, SVP Clifton A. Mcclelland III sold 7,740 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the sale, the senior vice president now owns 32,335 shares in the company, valued at approximately $442,666.15. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.81% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Cerebellum GP LLC purchased a new position in Tegna in the 4th quarter worth about $104,000. Point72 Asset Management L.P. purchased a new position in Tegna in the 3rd quarter worth about $110,000. Amundi Pioneer Asset Management Inc. purchased a new position in Tegna in the 4th quarter worth about $129,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Tegna by 523.1% in the 3rd 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. Finally, Conning Inc. purchased a new position in Tegna in the 4th quarter worth about $147,000. Institutional investors own 96.30% 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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