TEGNA (NYSE:TGNA - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a report issued on Thursday, MarketBeat.com reports. The brokerage currently has a $23.00 price target on the stock, up from their prior price target of $21.00. Wells Fargo & Company's target price would indicate a potential upside of 26.86% from the company's previous close.
Other research analysts also recently issued research reports about the company. Benchmark raised their price target on TEGNA from $21.00 to $23.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. JPMorgan Chase & Co. raised their target price on shares of TEGNA from $16.00 to $19.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded shares of TEGNA from a "hold" rating to a "buy" rating in a research report on Friday, December 13th.
Read Our Latest Stock Analysis on TEGNA
TEGNA Stock Up 3.6 %
TGNA stock traded up $0.63 during midday trading on Thursday, reaching $18.13. 2,159,151 shares of the company were exchanged, compared to its average volume of 2,168,670. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 6.41 and a beta of 0.52. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. TEGNA has a 1-year low of $12.35 and a 1-year high of $19.62. The stock's 50-day simple moving average is $17.67 and its 200 day simple moving average is $15.57.
TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.11. The firm had revenue of $806.83 million during the quarter, compared to analysts' expectations of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. TEGNA's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.39 earnings per share. On average, equities analysts forecast that TEGNA will post 3.02 earnings per share for the current year.
Insider Transactions at TEGNA
In other news, COO Lynn B. Trelstad sold 25,000 shares of the business's stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total transaction of $410,000.00. Following the transaction, the chief operating officer now directly owns 154,617 shares in the company, valued at $2,535,718.80. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.88% of the company's stock.
Institutional Investors Weigh In On TEGNA
Institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its stake in shares of TEGNA by 2,898.4% during the 3rd quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company's stock worth $170,521,000 after buying an additional 10,445,739 shares in the last quarter. LSV Asset Management raised its position in TEGNA by 29.5% in the second quarter. LSV Asset Management now owns 8,024,562 shares of the company's stock worth $111,862,000 after acquiring an additional 1,827,471 shares in the last quarter. Millennium Management LLC lifted its holdings in TEGNA by 395.9% in the second 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. Empowered Funds LLC boosted its position in shares of TEGNA by 757.4% during the 3rd quarter. Empowered Funds LLC now owns 662,417 shares of the company's stock worth $10,453,000 after purchasing an additional 585,156 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of TEGNA by 132.9% during the 2nd quarter. Squarepoint Ops LLC now owns 916,760 shares of the company's stock worth $12,780,000 after purchasing an additional 523,120 shares during the period. Hedge funds and other institutional investors own 92.19% of the company's stock.
About TEGNA
(
Get Free Report)
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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