Guggenheim Cuts TEGNA (NYSE:TGNA) Price Target to $20.00

TEGNA (NYSE:TGNA - Get Free Report) had its target price cut by analysts at Guggenheim from $22.00 to $20.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price objective would suggest a potential upside of 23.88% from the stock's previous close.

Other research analysts have also recently issued research reports about the company. StockNews.com cut TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Wells Fargo & Company raised TEGNA from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $21.25.

TEGNA Trading Up 1.9 %

TGNA stock traded up $0.31 on Friday, hitting $16.15. 1,960,042 shares of the company were exchanged, compared to its average volume of 2,014,833. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 5.70 and a beta of 0.25. TEGNA has a twelve month low of $12.35 and a twelve month high of $19.62. The business's fifty day moving average is $17.66 and its two-hundred day moving average is $17.69.

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Hedge Funds Weigh In On TEGNA

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its position in shares of TEGNA by 9.8% during the third quarter. BNP Paribas Financial Markets now owns 39,038 shares of the company's stock worth $616,000 after purchasing an additional 3,469 shares in the last quarter. Stifel Financial Corp increased its stake in TEGNA by 5.5% during the 3rd quarter. Stifel Financial Corp now owns 81,632 shares of the company's stock worth $1,288,000 after buying an additional 4,239 shares during the period. State Street Corp grew its stake in shares of TEGNA by 3.5% during the third quarter. State Street Corp now owns 8,194,619 shares of the company's stock valued at $129,991,000 after acquiring an additional 276,699 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of TEGNA during the third quarter worth about $201,000. Finally, MML Investors Services LLC acquired a new position in shares of TEGNA in the third quarter worth about $177,000. 92.19% of the stock is owned by institutional investors and hedge funds.

About TEGNA

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.