TEGNA (NYSE:TGNA) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

TEGNA (NYSE:TGNA) released its quarterly earnings results on Monday. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02), Zacks reports. TEGNA had a return on equity of 16.20% and a net margin of 14.99%.The company had revenue of $650.79 million during the quarter, compared to analysts’ expectations of $658.28 million. During the same period in the prior year, the firm earned $0.94 EPS. TEGNA’s quarterly revenue was down 19.3% on a year-over-year basis.

TEGNA Trading Down 0.5%

Shares of TEGNA stock traded down $0.10 during midday trading on Wednesday, reaching $20.10. 85,609 shares of the company’s stock traded hands, compared to its average volume of 2,033,165. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.47 and a current ratio of 1.47. The company has a market cap of $3.24 billion, a PE ratio of 7.22 and a beta of 0.25. The stock has a 50 day moving average of $20.34 and a 200-day moving average of $18.51. TEGNA has a 12 month low of $14.87 and a 12 month high of $21.35.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, September 5th. TEGNA’s dividend payout ratio (DPR) is currently 23.58%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TGNA. Zacks Research cut TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TEGNA in a research note on Wednesday, October 8th. Wells Fargo & Company downgraded shares of TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Finally, Guggenheim restated a “neutral” rating and issued a $19.00 price objective on shares of TEGNA in a report on Friday, August 22nd. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $19.75.

Institutional Investors Weigh In On TEGNA

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its position in shares of TEGNA by 81.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,963 shares of the company’s stock valued at $66,000 after purchasing an additional 1,781 shares in the last quarter. Amundi increased its stake in shares of TEGNA by 1,507.5% in the 1st quarter. Amundi now owns 4,067 shares of the company’s stock worth $74,000 after acquiring an additional 3,814 shares in the last quarter. Strs Ohio bought a new stake in TEGNA during the first quarter worth about $86,000. US Bancorp DE grew its holdings in TEGNA by 16.8% in the third quarter. US Bancorp DE now owns 8,622 shares of the company’s stock worth $175,000 after purchasing an additional 1,242 shares during the period. Finally, United Services Automobile Association purchased a new stake in TEGNA in the first quarter worth about $183,000. Institutional investors own 92.19% of the company’s stock.

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.