TEGNA (NYSE:TGNA) Earns “Buy” Rating from Guggenheim

TEGNA (NYSE:TGNA)‘s stock had its “buy” rating restated by research analysts at Guggenheim in a note issued to investors on Friday,Benzinga reports. They presently have a $22.00 price objective on the stock. Guggenheim’s price objective indicates a potential upside of 20.54% from the company’s previous close.

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

TEGNA Stock Up 0.2 %

Shares of NYSE:TGNA traded up $0.04 during trading on Friday, hitting $18.25. The company’s stock had a trading volume of 110,211 shares, compared to its average volume of 1,070,917. TEGNA has a fifty-two week low of $12.35 and a fifty-two week high of $19.62. The business has a 50 day moving average price of $18.37 and a two-hundred day moving average price of $16.37. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The company has a market capitalization of $2.94 billion, a PE ratio of 6.45 and a beta of 0.52.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. The company had revenue of $806.83 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business earned $0.39 EPS. As a group, research analysts expect that TEGNA will post 3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On TEGNA

Several institutional investors have recently bought and sold shares of TGNA. Pacer Advisors Inc. raised its position in TEGNA by 2,898.4% in the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock worth $170,521,000 after acquiring an additional 10,445,739 shares in the last quarter. State Street Corp lifted its stake in shares of TEGNA by 3.5% in the third quarter. State Street Corp now owns 8,194,619 shares of the company’s stock valued at $129,991,000 after purchasing an additional 276,699 shares during the period. Geode Capital Management LLC boosted its holdings in TEGNA by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock worth $77,422,000 after buying an additional 238,696 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in TEGNA by 3.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock worth $28,077,000 after buying an additional 53,583 shares during the period. Finally, Millennium Management LLC lifted its position in shares of TEGNA by 395.9% during the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after acquiring an additional 743,052 shares during the period. 92.19% of the stock is owned by institutional investors and hedge funds.

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.