Investors Buy High Volume of TEGNA Call Options (TGNA)
TEGNA Inc. (NYSE:TGNA) saw some unusual options trading on Tuesday. Investors purchased 2,101 call options on the company. This represents an increase of 2,778% compared to the average daily volume of 73 call options.
A number of brokerages recently issued reports on TGNA. Evercore ISI began coverage on TEGNA in a research note on Tuesday, July 31st. They set an “in-line” rating and a $14.00 price objective for the company. Benchmark reiterated a “buy” rating and set a $17.00 price objective on shares of TEGNA in a research note on Wednesday, August 8th. ValuEngine downgraded TEGNA from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 17th. Barrington Research reiterated a “buy” rating and set a $15.00 price objective on shares of TEGNA in a research note on Thursday, August 16th. Finally, Noble Financial set a $15.00 price objective on TEGNA and gave the company a “buy” rating in a research note on Wednesday, August 8th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $14.50.
TGNA stock opened at $12.04 on Wednesday. TEGNA has a 1-year low of $10.00 and a 1-year high of $15.60. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 2.80. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 0.35 and a beta of 1.66.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 7th will be paid a $0.07 dividend. The ex-dividend date is Thursday, September 6th. This represents a $0.28 annualized dividend and a yield of 2.33%. TEGNA’s payout ratio is 25.93%.
A number of hedge funds have recently bought and sold shares of TGNA. Fox Run Management L.L.C. bought a new position in TEGNA in the 2nd quarter worth approximately $112,000. Trexquant Investment LP bought a new position in TEGNA in the 2nd quarter worth approximately $115,000. Todd Asset Management LLC bought a new position in TEGNA in the 2nd quarter worth approximately $115,000. Quantbot Technologies LP bought a new position in TEGNA in the 1st quarter worth approximately $137,000. Finally, Cadence Capital Management LLC bought a new position in TEGNA in the 2nd quarter worth approximately $140,000. Institutional investors and hedge funds own 97.14% of the company’s stock.
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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