TEGNA (NYSE:TGNA) Hits New 1-Year High - Here's What Happened

TEGNA Inc. (NYSE:TGNA - Get Free Report)'s share price hit a new 52-week high on Wednesday . The stock traded as high as $17.07 and last traded at $17.07, with a volume of 118855 shares. The stock had previously closed at $16.55.

Wall Street Analyst Weigh In

Separately, Benchmark restated a "buy" rating and set a $21.00 price objective on shares of TEGNA in a research note on Thursday, August 8th.

TEGNA Stock Up 0.8 %

The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 5.86 and a beta of 0.50. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. The firm's fifty day moving average price is $15.08 and its 200-day moving average price is $14.60.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company had revenue of $710.36 million during the quarter, compared to the consensus estimate of $715.40 million. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The firm's revenue was down 2.9% compared to the same quarter last year. Sell-side analysts expect that TEGNA Inc. will post 3.07 earnings per share for the current fiscal year.

Insider Transactions at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the company's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total transaction of $347,000.00. Following the sale, the chief operating officer now owns 179,617 shares of the company's stock, valued at approximately $2,493,083.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 50,016 shares of company stock worth $757,218. Company insiders own 0.88% of the company's stock.

Institutional Investors Weigh In On TEGNA

Hedge funds and other institutional investors have recently bought and sold shares of the stock. LSV Asset Management grew its position in TEGNA by 29.5% in the 2nd quarter. LSV Asset Management now owns 8,024,562 shares of the company's stock valued at $111,862,000 after purchasing an additional 1,827,471 shares during the period. Vanguard Group Inc. increased its position in shares of TEGNA by 5.8% during the first quarter. Vanguard Group Inc. now owns 26,798,623 shares of the company's stock worth $400,371,000 after acquiring an additional 1,471,691 shares in the last quarter. Millennium Management LLC raised its holdings in shares of TEGNA by 395.9% in the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company's stock worth $12,974,000 after acquiring an additional 743,052 shares during the last quarter. Squarepoint Ops LLC boosted its stake in TEGNA by 132.9% during the 2nd 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, Gamco Investors INC. ET AL increased its holdings in TEGNA by 18.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 2,441,675 shares of the company's stock worth $36,479,000 after purchasing an additional 384,687 shares in the last quarter. 92.19% of the stock is owned by 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.