Zacks Investment Research upgraded shares of Tegna (NYSE:TGNA) from a sell rating to a hold rating in a research report report published 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 brokerages have also recently commented on TGNA. BidaskClub cut Tegna from a sell rating to a strong sell rating in a research report on Tuesday, November 7th. FBR & Co reaffirmed a hold rating and issued a $15.00 target price on shares of Tegna in a research report on Wednesday, November 1st. ValuEngine raised Tegna from a buy rating to a strong-buy rating in a research report on Friday, December 1st. Noble Financial reaffirmed a buy rating on shares of Tegna in a research report on Tuesday, December 19th. Finally, Wells Fargo & Co raised Tegna from a market perform rating to an outperform rating and set a $19.00 target price for the company in a research report on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Tegna presently has a consensus rating of Hold and a consensus price target of $18.50.
Shares of Tegna (TGNA) traded up $0.11 during trading on Friday, hitting $15.14. The stock had a trading volume of 929,993 shares, compared to its average volume of 1,819,095. The firm has a market capitalization of $3,258.22, a PE ratio of 11.30, a PEG ratio of 7.62 and a beta of 1.72. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 4.30. Tegna has a 1-year low of $11.59 and a 1-year high of $26.65.
Tegna (NYSE:TGNA) last issued its earnings results on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The business had revenue of $464.26 million during the quarter, compared to analysts’ expectations of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. Tegna’s revenue was down 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 earnings per share. research analysts anticipate that Tegna will post 1.08 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 8th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $0.28 dividend on an annualized basis and a yield of 1.85%. Tegna’s payout ratio is 20.90%.
In other Tegna news, SVP Clifton A. Mcclelland III sold 7,740 shares of the business’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 owns 32,335 shares of the company’s stock, valued at $442,666.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Todd A. Mayman sold 36,830 shares of the business’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 directly owns 19,420 shares of the company’s stock, valued at approximately $245,274.60. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the business. Lingohr & Partner Asset Management GmbH lifted its position in shares of Tegna by 20.2% in the fourth quarter. Lingohr & Partner Asset Management GmbH now owns 83,795 shares of the company’s stock worth $1,180,000 after buying an additional 14,100 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Tegna in the fourth quarter worth about $177,000. Oakbrook Investments LLC bought a new position in shares of Tegna in the fourth quarter worth about $256,000. Schwab Charles Investment Management Inc. increased its stake in shares of Tegna by 7.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,154,966 shares of the company’s stock worth $16,262,000 after purchasing an additional 80,329 shares during the period. Finally, AXA increased its stake in shares of Tegna by 126.0% in the third quarter. AXA now owns 830,352 shares of the company’s stock worth $11,069,000 after purchasing an additional 462,916 shares during the period. 99.91% of the stock is owned by institutional investors.
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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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