TEGNA (NYSE:TGNA) Downgraded by StockNews.com to Hold

TEGNA (NYSE:TGNA) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Benchmark raised their price objective on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

TEGNA Price Performance

Shares of NYSE:TGNA opened at $18.72 on Friday. The firm’s 50 day moving average is $16.38 and its two-hundred day moving average is $15.06. TEGNA has a 52 week low of $12.35 and a 52 week high of $19.62. The firm has a market capitalization of $3.02 billion, a P/E ratio of 6.61 and a beta of 0.49. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The company had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same quarter last year, the business earned $0.39 earnings per share. TEGNA’s revenue was up 13.1% compared to the same quarter last year. Analysts anticipate that TEGNA will post 3.02 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total transaction of $347,000.00. Following the completion of the sale, the chief operating officer now directly owns 179,617 shares in the company, valued at approximately $2,493,083.96. This trade represents a 12.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TEGNA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. purchased a new stake in shares of TEGNA in the third quarter valued at $28,000. Quarry LP raised its position in TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after buying an additional 3,300 shares during the period. US Bancorp DE lifted its stake in TEGNA by 20.4% in the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after acquiring an additional 764 shares in the last quarter. Headlands Technologies LLC boosted its position in TEGNA by 48.2% during the 2nd quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock worth $63,000 after acquiring an additional 1,470 shares during the period. Finally, CWM LLC grew its stake in TEGNA by 146.3% during the 2nd quarter. CWM LLC now owns 4,614 shares of the company’s stock valued at $64,000 after acquiring an additional 2,741 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Company Profile

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.