TEGNA (TGNA) Upgraded at Zacks Investment Research

TEGNA (NYSE:TGNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “TEGNA’s first-quarter 2019 top-line growth was primarily driven by an increase in subscription revenues, which were driven by higher rates negotiated in fourth-quarter 2018, impact of rate escalators and stable paying subscriber base. Additionally, TEGNA expects its paying subscriber base to exceed the industry’s base owing to its global presence in key markets. Moreover, the company’s continued acquisitions of local TV stations that comprise the Big Four affiliates is likely to aid political revenues as political spend is expected to increase owing to the 2020 presidential elections. Notably, its shares have significantly outperformed the industry over the past year. However, lack of political, Olympic and Super Bowl revenues in the reported quarter hurt the top line and advertising revenues. Moreover, increasing expenses are expected to hurt profits in the near term.”

TGNA has been the subject of a number of other research reports. Evercore ISI raised shares of TEGNA from an “in-line” rating to an “outperform” rating in a research report on Monday, March 25th. ValuEngine raised TEGNA from a “strong sell” rating to a “sell” rating in a research note on Thursday, February 28th. Noble Financial set a $20.00 price target on TEGNA and gave the company a “buy” rating in a research note on Friday, May 10th. Barrington Research reaffirmed a “buy” rating and issued a $17.00 price target on shares of TEGNA in a research note on Friday, March 1st. Finally, Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of TEGNA in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $15.38.

TGNA stock traded up $0.04 during midday trading on Wednesday, reaching $15.85. 184,540 shares of the company were exchanged, compared to its average volume of 2,455,502. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 8.66, a price-to-earnings-growth ratio of 1.17 and a beta of 1.60. TEGNA has a one year low of $10.11 and a one year high of $16.57. The company has a debt-to-equity ratio of 2.12, a current ratio of 1.61 and a quick ratio of 1.61.

TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, May 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. The company had revenue of $516.80 million during the quarter, compared to analysts’ expectations of $512.45 million. TEGNA had a net margin of 18.91% and a return on equity of 30.61%. TEGNA’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 earnings per share. Research analysts anticipate that TEGNA will post 1.31 EPS for the current fiscal year.

In other TEGNA news, Director Neal Shapiro sold 27,613 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $14.72, for a total transaction of $406,463.36. Following the completion of the transaction, the director now owns 17,478 shares of the company’s stock, valued at $257,276.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Dubuque Bank & Trust Co. bought a new position in shares of TEGNA during the 1st quarter worth approximately $28,000. Advisory Services Network LLC bought a new position in shares of TEGNA in the 4th quarter worth $52,000. Advisor Group Inc. lifted its holdings in shares of TEGNA by 138.8% in the 1st quarter. Advisor Group Inc. now owns 3,825 shares of the company’s stock worth $54,000 after purchasing an additional 2,223 shares in the last quarter. First Quadrant L P CA bought a new position in shares of TEGNA in the 4th quarter worth $77,000. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of TEGNA by 987.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 927,070 shares of the company’s stock worth $85,000 after purchasing an additional 841,783 shares in the last quarter. 96.10% of the stock is owned by hedge funds and other institutional investors.

About TEGNA

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.

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