Analysts Set Tegna Inc (TGNA) Target Price at $18.44
Shares of Tegna Inc (NYSE:TGNA) have been given a consensus rating of “Hold” by the fourteen research firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $18.44.
A number of research firms have commented on TGNA. FBR & Co reaffirmed a “hold” rating and issued a $15.00 target price on shares of Tegna in a research report on Wednesday, September 20th. ValuEngine raised shares of Tegna from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Noble Financial reaffirmed a “buy” rating on shares of Tegna in a research report on Thursday, August 3rd. BidaskClub downgraded shares of Tegna from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $14.00 target price (down previously from $16.00) on shares of Tegna in a research report on Wednesday, August 2nd.
Tegna (NYSE TGNA) traded down $0.59 during trading hours on Wednesday, hitting $11.78. 2,393,772 shares of the stock were exchanged, compared to its average volume of 2,065,114. The firm has a market cap of $2.53 billion, a PE ratio of 5.99, a PEG ratio of 1.85 and a beta of 1.54. The company has a debt-to-equity ratio of 3.83, a quick ratio of 2.49 and a current ratio of 2.49. Tegna has a fifty-two week low of $11.70 and a fifty-two week high of $26.65.
Tegna (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Tegna had a net margin of 11.90% and a return on equity of 20.51%. The company had revenue of $489.36 million during the quarter, compared to the consensus estimate of $486.29 million. During the same quarter last year, the firm earned $0.50 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. analysts forecast that Tegna will post 1.09 EPS for the current year.
Tegna announced that its Board of Directors has initiated a share repurchase plan on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 11.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, December 7th. Tegna’s payout ratio is 15.14%.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Tegna by 32.2% during the 2nd quarter. BlackRock Inc. now owns 17,593,214 shares of the company’s stock valued at $253,518,000 after acquiring an additional 4,286,497 shares during the period. Victory Capital Management Inc. grew its position 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 valued at $185,828,000 after acquiring an additional 6,127,293 shares during the period. Diamond Hill Capital Management Inc. grew its position 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 valued at $148,994,000 after acquiring an additional 57,105 shares during the period. New South Capital Management Inc. grew its position 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 valued at $137,455,000 after acquiring an additional 711,382 shares during the period. Finally, Fairpointe Capital LLC grew its position 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 valued at $122,171,000 after acquiring an additional 993,543 shares during the period. 98.29% of the stock is owned by hedge funds and other institutional investors.
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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