JPMorgan Chase & Co. Issues Positive Forecast for TEGNA (NYSE:TGNA) Stock Price

TEGNA (NYSE:TGNA) had its price objective upped by JPMorgan Chase & Co. from $16.00 to $19.00 in a research report sent to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Separately, Benchmark upped their target price on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

TEGNA Trading Down 1.0 %

Shares of TGNA opened at $18.47 on Tuesday. The stock’s 50-day moving average price is $15.79 and its 200 day moving average price is $14.87. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 6.53 and a beta of 0.49. TEGNA has a 12-month low of $12.35 and a 12-month high of $19.62.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, November 7th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The business had revenue of $806.83 million during the quarter, compared to analyst estimates of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. TEGNA’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 earnings per share. As a group, research analysts predict that TEGNA will post 3.07 earnings per share for the current year.

Insider Transactions at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total transaction of $347,000.00. Following the sale, the chief operating officer now directly owns 179,617 shares of the company’s stock, valued at $2,493,083.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 50,016 shares of company stock valued at $757,218 in the last three months. 0.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Seven Eight Capital LP bought a new position in TEGNA in the first quarter valued at approximately $2,526,000. Dimensional Fund Advisors LP lifted its stake in TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after buying an additional 141,638 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in TEGNA by 9,100.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock worth $2,749,000 after buying an additional 182,000 shares during the last quarter. Capital Management Corp VA grew its position in shares of TEGNA by 30.3% during the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after buying an additional 168,667 shares during the period. Finally, SG Americas Securities LLC bought a new stake in TEGNA in the third quarter valued at approximately $626,000. Institutional investors own 92.19% of the company’s stock.

TEGNA Company Profile

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.