Zacks Investment Research downgraded shares of TEGNA (NYSE:TGNA) from a hold rating to a strong sell rating in a research report report published on Tuesday morning.
According to Zacks, “TEGNA shares have underperformed the industry on a year-to-date basis. The company operates in a competitive broadcast TV industry, which has long been grappling with declining advertising revenues, even in the current quarter. Cord-cutting is also a significant threat. However, higher paid-up subscribers, mainly OTT subscribers, and increased revenues from political ads are positives. Moreover, acquisition of the broadcasting stations of Midwest Television expands TEGNA’s U.S. television household reach by more than one million.”
Several other equities research analysts also recently weighed in on TGNA. Barrington Research reissued a buy rating and issued a $18.00 target price on shares of TEGNA in a research report on Tuesday, May 8th. Benchmark reissued a buy rating and issued a $17.00 target price on shares of TEGNA in a research report on Wednesday, May 9th. B. Riley dropped their target price on shares of TEGNA from $16.00 to $13.00 and set a neutral rating for the company in a research report on Wednesday, May 9th. Noble Financial reissued a buy rating on shares of TEGNA in a research report on Wednesday, May 9th. Finally, Argus dropped their target price on shares of TEGNA from $18.00 to $15.00 and set a buy rating for the company in a research report on Wednesday, May 30th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. TEGNA has an average rating of Hold and a consensus target price of $14.50.
TGNA opened at $11.51 on Tuesday. The stock has a market capitalization of $2.51 billion, a PE ratio of 10.87, a P/E/G ratio of 0.35 and a beta of 1.66. TEGNA has a 1-year low of $10.00 and a 1-year high of $15.60. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 2.80.
TEGNA (NYSE:TGNA) last released its earnings results on Tuesday, August 7th. The company reported $0.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.01. The company had revenue of $524.08 million during the quarter, compared to the consensus estimate of $516.52 million. TEGNA had a net margin of 25.33% and a return on equity of 27.72%. equities analysts expect that TEGNA will post 1.67 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 7th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Thursday, September 6th. TEGNA’s dividend payout ratio (DPR) is presently 25.93%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new position in shares of TEGNA in the 2nd quarter valued at about $112,000. Trexquant Investment LP acquired a new position in shares of TEGNA in the 2nd quarter valued at about $115,000. Todd Asset Management LLC acquired a new position in shares of TEGNA in the 2nd quarter valued at about $115,000. Quantbot Technologies LP acquired a new position in shares of TEGNA in the 1st quarter valued at about $137,000. Finally, Cadence Capital Management LLC acquired a new position in shares of TEGNA in the 2nd quarter valued at about $140,000. 94.27% of the stock is owned by institutional investors and hedge funds.
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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