Tegna (NYSE:TGNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
According to Zacks, “TEGNA is focused on acquiring lucrative businesses along with making additional investments to increase shareholder’s wealth. Recently, TEGNA has inked a deal to acquire the broadcasting stations of Midwest Television. The assets will be added to the company’s existing media division. TEGNA’s plan to use the $250 million of gross proceeds from the sale of its web portal CareerBuilder, to clear off existing debt, looks impressive. Spin-off of its auto-sales website, Cars.com into two publicly traded companies: TEGNA and Cars.com, should increase TEGNA's growth opportunities and appropriate market valuations. However, TEGNA’s operation in a competitive broadcast TV industry remains a concern. The U.S. broadcast TV industry has long been grappling with declining advertising revenues and global economic volatility. Over the past six months, the stock grew 3.7% but failed to beat the industry’s gain of 9.2%.”
Several other equities analysts have also commented on TGNA. Wells Fargo & Co restated a “hold” rating and set a $14.00 price target on shares of Tegna in a research note on Friday, September 22nd. Royal Bank of Canada initiated coverage on Tegna in a research note on Tuesday, September 26th. They set a “sector perform” rating and a $14.00 price target on the stock. BidaskClub upgraded Tegna from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. ValuEngine upgraded Tegna from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Noble Financial restated a “buy” rating on shares of Tegna in a research note on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $18.50.
Tegna (NYSE:TGNA) opened at $15.14 on Friday. The company has a market capitalization of $3,258.22, a price-to-earnings ratio of 11.30, a PEG ratio of 7.62 and a beta of 1.72. The company has a debt-to-equity ratio of 4.30, a quick ratio of 1.37 and a current ratio of 1.37. Tegna has a 52 week low of $11.59 and a 52 week high of $17.08.
Tegna (NYSE:TGNA) last announced its quarterly earnings results on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The firm had revenue of $464.26 million for the quarter, compared to analyst estimates of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The business’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 earnings per share. analysts forecast that Tegna will post 1.08 EPS for the current year.
In other Tegna news, EVP Todd A. Mayman sold 36,830 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 19,420 shares of the company’s stock, valued at $245,274.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now directly owns 32,335 shares of the company’s stock, valued at approximately $442,666.15. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TGNA. Point72 Asset Management L.P. acquired a new stake in Tegna in the third quarter worth about $110,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Tegna by 523.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock worth $138,000 after acquiring an additional 8,678 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in Tegna in the third quarter worth about $162,000. Quantbot Technologies LP acquired a new stake in Tegna in the third quarter worth about $169,000. Finally, State of Alaska Department of Revenue acquired a new stake in Tegna in the fourth quarter worth about $177,000. 99.91% of the stock is owned by institutional investors and hedge funds.
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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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