Tegna (TGNA) Shares Gap Up to $14.20
Tegna Inc (NYSE:TGNA) gapped up before the market opened on Thursday . The stock had previously closed at $13.71, but opened at $14.20. Tegna shares last traded at $14.47, with a volume of 3384071 shares trading hands.
Several research firms have commented on TGNA. B. Riley reissued a “neutral” rating on shares of Tegna in a report on Wednesday, November 1st. ValuEngine raised Tegna from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. BidaskClub raised Tegna from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Wells Fargo & Co raised Tegna from a “market perform” rating to an “outperform” rating and set a $19.00 target price on the stock in a report on Thursday. Finally, Jefferies Group reissued a “hold” rating and issued a $14.00 target price on shares of Tegna in a report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $18.50.
The company has a debt-to-equity ratio of 4.30, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market cap of $3,120.00, a price-to-earnings ratio of 9.37, a P/E/G ratio of 7.32 and a beta of 1.57.
Tegna (NYSE:TGNA) last released its earnings results on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The business had revenue of $464.26 million for the quarter, compared to the consensus estimate of $463.23 million. During the same period in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. equities research analysts forecast that Tegna Inc will post 1.08 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Thursday, December 7th. Tegna’s dividend payout ratio is currently 18.06%.
Tegna declared that its board has authorized a stock buyback program on Tuesday, September 19th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 11.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, SVP Clifton A. Mcclelland III sold 7,740 shares of the business’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $13.69, for a total value of $105,960.60. Following the completion of the transaction, the senior vice president now owns 32,335 shares in the company, valued at $442,666.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Todd A. Mayman sold 36,830 shares of the business’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $12.63, for a total value of $465,162.90. Following the completion of the transaction, the executive vice president now owns 19,420 shares of the company’s stock, valued at approximately $245,274.60. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in Tegna by 32.2% during the second quarter. BlackRock Inc. now owns 17,593,214 shares of the company’s stock valued at $253,518,000 after acquiring an additional 4,286,497 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in Tegna by 0.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock valued at $148,994,000 after acquiring an additional 57,105 shares during the last quarter. Fairpointe Capital LLC increased its position in Tegna by 13.3% during the second quarter. Fairpointe Capital LLC now owns 8,478,230 shares of the company’s stock valued at $122,171,000 after acquiring an additional 993,543 shares during the last quarter. Artisan Partners Limited Partnership increased its position in Tegna by 126.6% during the second quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock valued at $84,289,000 after acquiring an additional 3,268,362 shares during the last quarter. Finally, Canyon Capital Advisors LLC purchased a new stake in Tegna during the second quarter valued at $82,306,000. Hedge funds and other institutional investors own 99.71% 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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