TEGNA Inc. (TGNA) Research Coverage Started at Guggenheim
Guggenheim initiated coverage on shares of TEGNA Inc. (NYSE:TGNA) in a research report report published on Wednesday, Marketbeat reports. The firm issued a buy rating and a $17.00 price target on the stock.
Several other equities research analysts have also issued reports on the stock. Zacks Investment Research raised shares of TEGNA from a strong sell rating to a hold rating in a report on Wednesday, September 13th. TheStreet lowered shares of TEGNA from a b rating to a c+ rating in a report on Thursday, July 13th. ValuEngine raised shares of TEGNA from a hold rating to a buy rating in a report on Thursday, July 27th. Wells Fargo & Company reaffirmed a hold rating and set a $14.00 price target on shares of TEGNA in a report on Friday, September 22nd. Finally, BidaskClub lowered shares of TEGNA from a hold rating to a sell rating in a report on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $18.44.
Shares of TEGNA (NYSE:TGNA) traded up 1.49% during trading on Wednesday, hitting $12.94. 1,776,125 shares of the stock were exchanged. TEGNA has a 52 week low of $11.46 and a 52 week high of $17.06. The firm has a 50 day moving average price of $12.77 and a 200 day moving average price of $14.23. The firm has a market capitalization of $2.78 billion, a P/E ratio of 15.82 and a beta of 1.73.
TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The company had revenue of $489.36 million for the quarter, compared to analyst estimates of $486.29 million. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 EPS. Analysts forecast that TEGNA will post $1.10 EPS for the current fiscal year.
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TEGNA announced that its board has authorized a share buyback program on Tuesday, September 19th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 11.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend was Thursday, September 7th. TEGNA’s payout ratio is 16.97%.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. APG Asset Management N.V. grew its holdings in TEGNA by 0.8% during the 3rd quarter. APG Asset Management N.V. now owns 1,279,700 shares of the company’s stock worth $17,058,000 after acquiring an additional 9,600 shares during the last quarter. Denali Advisors LLC grew its holdings in TEGNA by 301.9% during the 3rd quarter. Denali Advisors LLC now owns 166,000 shares of the company’s stock worth $2,213,000 after acquiring an additional 124,700 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in TEGNA by 0.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock worth $148,994,000 after acquiring an additional 57,105 shares during the last quarter. Mutual of America Capital Management LLC grew its holdings in TEGNA by 2.9% during the 3rd quarter. Mutual of America Capital Management LLC now owns 174,749 shares of the company’s stock worth $2,329,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Paulson & CO. Inc. bought a new stake in TEGNA during the 2nd quarter worth approximately $11,215,000. 97.92% of the stock is currently 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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