TEGNA (NYSE:TGNA) Sees Strong Trading Volume – Should You Buy?

Shares of TEGNA Inc. (NYSE:TGNA) saw an uptick in trading volume on Wednesday . 2,065,553 shares changed hands during mid-day trading, an increase of 107% from the previous session’s volume of 997,584 shares.The stock last traded at $18.8750 and had previously closed at $18.95.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TGNA. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. Finally, Zacks Research raised shares of TEGNA from a “strong sell” rating to a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.75.

TEGNA Price Performance

The stock has a market capitalization of $3.03 billion, a P/E ratio of 8.88 and a beta of 0.13. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.81. The business’s 50 day simple moving average is $19.53 and its two-hundred day simple moving average is $19.38.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The business had revenue of $650.79 million for the quarter, compared to the consensus estimate of $658.28 million. TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The company’s revenue for the quarter was down 19.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 EPS. As a group, sell-side analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, December 5th. TEGNA’s payout ratio is presently 23.58%.

Institutional Investors Weigh In On TEGNA

Several institutional investors and hedge funds have recently added to or reduced their stakes in TGNA. Amundi grew its position in TEGNA by 1,507.5% in the 1st quarter. Amundi now owns 4,067 shares of the company’s stock worth $74,000 after purchasing an additional 3,814 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of TEGNA by 1.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,968 shares of the company’s stock worth $1,749,000 after acquiring an additional 1,726 shares during the period. United Services Automobile Association purchased a new stake in TEGNA during the first quarter valued at $183,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in TEGNA by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,881 shares of the company’s stock worth $9,837,000 after purchasing an additional 21,303 shares during the last quarter. Finally, Jane Street Group LLC increased its position in shares of TEGNA by 193.0% during the 1st quarter. Jane Street Group LLC now owns 573,255 shares of the company’s stock valued at $10,445,000 after purchasing an additional 377,578 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.