TEGNA (NYSE:TGNA) Shares Gap Up to $15.86

TEGNA Inc. (NYSE:TGNA) gapped up before the market opened on Tuesday . The stock had previously closed at $15.54, but opened at $15.86. TEGNA shares last traded at $15.81, with a volume of 1,557,582 shares trading hands.

A number of research analysts recently issued reports on the company. Barrington Research reaffirmed a “buy” rating and set a $18.00 target price on shares of TEGNA in a report on Tuesday, August 6th. Zacks Investment Research lowered TEGNA from a “hold” rating to a “sell” rating and set a $16.00 price target for the company. in a report on Wednesday, August 7th. Cannonball Research started coverage on TEGNA in a report on Wednesday. They set a “neutral” rating and a $17.00 price target for the company. Noble Financial set a $20.00 target price on TEGNA and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, Wolfe Research upgraded TEGNA from a “market perform” rating to an “outperform” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $17.14.

The firm has a 50 day simple moving average of $15.10 and a two-hundred 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 stock has a market cap of $3.44 billion, a price-to-earnings ratio of 7.98, a price-to-earnings-growth ratio of 1.25 and a beta of 1.46.

TEGNA (NYSE:TGNA) last released its earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.03. TEGNA had a return on equity of 28.43% and a net margin of 18.24%. The firm had revenue of $536.90 million for the quarter, compared to analyst estimates of $534.10 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. On average, sell-side analysts expect that TEGNA Inc. will post 1.27 earnings per share for the current fiscal 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 dividend of $0.07 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.91%. TEGNA’s payout ratio is presently 15.30%.

Large investors have recently bought and sold shares of the stock. Piedmont Investment Advisors Inc. acquired a new stake in shares of TEGNA in the first quarter valued at approximately $174,000. Mason Street Advisors LLC lifted its holdings in TEGNA by 1.8% during the 1st quarter. Mason Street Advisors LLC now owns 114,757 shares of the company’s stock worth $1,618,000 after buying an additional 1,982 shares during the period. Cerebellum GP LLC acquired a new position in shares of TEGNA in the 2nd quarter valued at about $232,000. Dorsey Wright & Associates acquired a new position in shares of TEGNA in the 2nd quarter valued at about $1,823,000. Finally, Empowered Funds LLC acquired a new position in shares of TEGNA in the 2nd quarter valued at about $2,095,000. Institutional investors and hedge funds own 97.48% of the company’s stock.

TEGNA Company Profile (NYSE:TGNA)

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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