Tegna Inc (TGNA) Short Interest Update
Tegna Inc (NYSE:TGNA) was the recipient of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 10,693,615 shares, a decrease of 21.1% from the August 31st total of 13,545,758 shares. Approximately 5.0% of the shares of the stock are sold short. Based on an average trading volume of 2,865,959 shares, the days-to-cover ratio is presently 3.7 days.
TGNA has been the subject of several recent analyst reports. ValuEngine downgraded Tegna from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research downgraded Tegna from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. Benchmark Co. restated a “buy” rating and set a $20.00 price objective on shares of Tegna in a research report on Friday, June 16th. Noble Financial restated a “buy” rating on shares of Tegna in a research report on Thursday, July 13th. Finally, BidaskClub upgraded Tegna from a “sell” rating to a “hold” rating in a research report on Thursday, September 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $18.63.
Tegna (TGNA) opened at 13.40 on Friday. The company has a market capitalization of $2.88 billion, a P/E ratio of 16.38 and a beta of 1.73. 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 $12.72 and a 200 day moving average price of $14.48.
Tegna (NYSE:TGNA) last posted its earnings results on Tuesday, August 1st. The company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Tegna had a return on equity of 30.40% and a net margin of 10.07%. The business had revenue of $489.36 million during the quarter, compared to analysts’ expectations of $486.29 million. During the same period in the previous year, the business earned $0.50 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. On average, analysts predict that Tegna will post $1.09 earnings per share for the current fiscal year.
Tegna announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 19th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 11.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 2.09%. The ex-dividend date was Thursday, September 7th. Tegna’s dividend payout ratio (DPR) is currently 16.97%.
A number of hedge funds have recently modified their holdings of the business. Paulson & CO. Inc. bought a new stake in Tegna during the second quarter worth about $11,215,000. Public Employees Retirement System of Ohio lifted its stake in Tegna by 1.4% during the second quarter. Public Employees Retirement System of Ohio now owns 1,360,515 shares of the company’s stock worth $19,605,000 after purchasing an additional 18,434 shares during the last quarter. BW Gestao de Investimentos Ltda. lifted its stake in Tegna by 90.0% during the second quarter. BW Gestao de Investimentos Ltda. now owns 18,344 shares of the company’s stock worth $264,000 after purchasing an additional 8,687 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of Tegna by 1,154.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 64,254 shares of the company’s stock valued at $926,000 after acquiring an additional 59,130 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new stake in shares of Tegna in the 2nd quarter valued at about $5,764,000. 98.00% of the stock is owned by hedge funds and other institutional investors.
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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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