TEGNA (NYSE:TGNA) Raised to Outperform at Wolfe Research

Wolfe Research upgraded shares of TEGNA (NYSE:TGNA) from a market perform rating to an outperform rating in a report released on Monday morning, The Fly reports.

TGNA has been the subject of a number of other reports. Stephens lowered shares of TEGNA from an overweight rating to an equal rating and reduced their price target for the stock from $19.00 to $17.00 in a research report on Tuesday, June 11th. Barrington Research reissued a buy rating and issued a $18.00 price target on shares of TEGNA in a research report on Tuesday, August 6th. ValuEngine lowered shares of TEGNA from a hold rating to a sell rating in a research report on Thursday, August 1st. Zacks Investment Research lowered shares of TEGNA from a hold rating to a sell rating and set a $16.00 price target for the company. in a research report on Wednesday, August 7th. Finally, Benchmark reissued a buy rating and issued a $18.00 price target on shares of TEGNA in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $17.14.

NYSE TGNA opened at $14.77 on Monday. The company has a 50 day simple moving average of $15.10 and a 200-day simple moving average of $14.72. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.94 and a quick ratio of 1.94. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 8.07, a price-to-earnings-growth ratio of 1.18 and a beta of 1.46. TEGNA has a 52-week low of $10.24 and a 52-week high of $16.58.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $536.90 million during the quarter, compared to analyst estimates of $534.10 million. TEGNA had a net margin of 18.24% and a return on equity of 28.43%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. On average, analysts predict that TEGNA will post 1.27 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a $0.07 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.28 dividend on an annualized basis and a yield of 1.90%. TEGNA’s dividend payout ratio is currently 15.30%.

A number of large investors have recently added to or reduced their stakes in TGNA. Standard General L.P. acquired a new position in TEGNA in the second quarter worth approximately $134,378,000. UBS Group AG increased its holdings in TEGNA by 4,704.6% in the second quarter. UBS Group AG now owns 4,435,213 shares of the company’s stock worth $67,193,000 after buying an additional 4,342,901 shares during the last quarter. APG Asset Management N.V. increased its holdings in TEGNA by 281.5% in the second quarter. APG Asset Management N.V. now owns 2,380,400 shares of the company’s stock worth $31,668,000 after buying an additional 1,756,400 shares during the last quarter. AQR Capital Management LLC increased its holdings in TEGNA by 14.4% in the second quarter. AQR Capital Management LLC now owns 10,710,361 shares of the company’s stock worth $159,691,000 after buying an additional 1,349,780 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in TEGNA by 308.9% in the second quarter. Nuveen Asset Management LLC now owns 1,262,600 shares of the company’s stock worth $19,129,000 after buying an additional 953,829 shares during the last quarter. Hedge funds and other institutional investors own 97.48% 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.

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Analyst Recommendations for TEGNA (NYSE:TGNA)

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