TEGNA Inc. (TGNA) Receives Hold Rating from Jefferies Group LLC
Several other equities research analysts have also recently issued reports on TGNA. Noble Financial restated a buy rating on shares of TEGNA in a report on Wednesday, October 11th. BidaskClub cut TEGNA from a hold rating to a sell rating in a report on Friday. ValuEngine upgraded TEGNA from a hold rating to a buy rating in a report on Monday, October 2nd. FBR & Co restated a hold rating and set a $15.00 price objective on shares of TEGNA in a report on Wednesday, September 20th. Finally, Royal Bank Of Canada initiated coverage on TEGNA in a report on Tuesday, September 26th. They set a sector perform rating and a $14.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. TEGNA has an average rating of Hold and an average target price of $18.63.
TEGNA (NYSE TGNA) opened at 12.66 on Monday. TEGNA has a 1-year low of $11.46 and a 1-year high of $17.06. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 15.48 and a beta of 1.72. The firm’s 50-day moving average price is $12.76 and its 200-day moving average price is $14.33.
TEGNA (NYSE:TGNA) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. The company had revenue of $489.36 million during the quarter, compared to the consensus estimate of $486.29 million. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. TEGNA’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. On average, equities research analysts anticipate that TEGNA will post $1.09 earnings per share for the current year.
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TEGNA declared that its Board of Directors has authorized a share buyback plan on Tuesday, September 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 11.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Thursday, September 7th. TEGNA’s payout ratio is currently 16.97%.
Institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. acquired a new position in TEGNA in the first quarter valued at $131,000. Synovus Financial Corp boosted its holdings in TEGNA by 4.4% in the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after acquiring an additional 438 shares during the last quarter. FNY Partners Fund LP acquired a new position in TEGNA in the second quarter valued at $158,000. Iberiabank Corp acquired a new position in TEGNA in the second quarter valued at $170,000. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in TEGNA by 4.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock valued at $182,000 after acquiring an additional 499 shares during the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.
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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