TEGNA’s (TGNA) Buy Rating Reiterated at Guggenheim

Guggenheim reaffirmed their buy rating on shares of TEGNA (NYSE:TGNA) in a report issued on Friday,Benzinga reports. The brokerage currently has a $22.00 target price on the stock.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company raised shares of TEGNA from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $21.00 to $23.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. increased their price objective on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Finally, Benchmark increased their price target on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $21.75.

TEGNA Stock Up 0.1 %

Shares of NYSE TGNA opened at $18.23 on Friday. The stock has a market capitalization of $2.94 billion, a PE ratio of 6.44 and a beta of 0.52. 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 fifty day moving average of $18.39 and a 200-day moving average of $16.42. TEGNA has a 52-week low of $12.35 and a 52-week high of $19.62.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The firm had revenue of $806.83 million for the quarter, compared to analysts’ expectations of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.39 earnings per share. On average, analysts anticipate that TEGNA will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were paid a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.74%. TEGNA’s dividend payout ratio is currently 17.67%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in TEGNA by 26.2% in the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock worth $14,068,000 after buying an additional 184,845 shares in the last quarter. Capital Management Corp VA increased its position in shares of TEGNA by 30.3% during the third quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after acquiring an additional 168,667 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of TEGNA in the third quarter worth about $626,000. Squarepoint Ops LLC boosted its holdings in TEGNA by 132.9% in the second quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock valued at $12,780,000 after purchasing an additional 523,120 shares during the last quarter. Finally, World Investment Advisors LLC acquired a new stake in TEGNA during the 3rd quarter valued at approximately $528,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

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.