Zacks Investment Research upgraded shares of TEGNA (NYSE:TGNA) from a hold rating to a buy rating in a research note issued to investors on Monday, Zacks.com reports. Zacks Investment Research currently has $16.00 price target on the stock.
According to Zacks, “TEGNA is benefiting from growth in services, banking and media ad categories. A stable paying subscriber base and higher rates are expected to drive subscription revenues. Also, the company’s acquisition of local TV stations including the Big Four affiliates are likely to aid top-line growth and improve cash flow visibility in the long haul. TEGNA’s shares have outperformed the industry on a year-to-date basis. Estimates have been stable lately ahead of the company’s Q3 earnings release. The company has a positive record of earnings surprises in the recent quarters. However, increasing programming fees are expected to drag margins down in the near term. Weakness in the automotive ad category is expected to hurt top-line growth. Lower advertising revenues in competitive broadcast TV industry are an overhang for the company.”
A number of other equities research analysts have also recently weighed in on TGNA. Barrington Research reaffirmed a buy rating and issued a $18.00 price objective on shares of TEGNA in a research note on Tuesday, August 6th. Cannonball Research assumed coverage on TEGNA in a research note on Wednesday, August 21st. They issued a neutral rating and a $17.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on TEGNA in a research note on Monday, October 28th. They issued a neutral rating and a $18.00 price objective for the company. ValuEngine raised TEGNA from a strong sell rating to a sell rating in a research note on Friday, November 1st. Finally, Wolfe Research raised TEGNA from a market perform rating to an outperform rating in a research note on Monday, August 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. TEGNA currently has a consensus rating of Buy and an average price target of $17.22.
TGNA stock traded up $0.31 during midday trading on Monday, hitting $15.41. 21,295 shares of the company’s stock were exchanged, compared to its average volume of 1,483,921. The business has a 50-day simple moving average of $15.26 and a two-hundred day simple moving average of $15.26. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 2.05. The stock has a market capitalization of $3.35 billion, a PE ratio of 8.36, a P/E/G ratio of 1.28 and a beta of 1.44. TEGNA has a 1-year low of $10.24 and a 1-year high of $16.58.
TEGNA (NYSE:TGNA) last posted its earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, topping 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 company had revenue of $536.90 million during the quarter, compared to analysts’ expectations of $534.10 million. During the same quarter last year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, research analysts expect that TEGNA will post 1.21 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.28 annualized dividend and a yield of 1.82%. TEGNA’s payout ratio is 15.30%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TGNA. Alden Global Capital LLC purchased a new stake in TEGNA during the 2nd quarter worth about $8,711,000. Natixis Advisors L.P. lifted its holdings in shares of TEGNA by 1.1% in the 2nd quarter. Natixis Advisors L.P. now owns 359,930 shares of the company’s stock valued at $5,454,000 after purchasing an additional 3,873 shares during the last quarter. Cerebellum GP LLC purchased a new stake in shares of TEGNA in the 2nd quarter valued at about $232,000. Capital Fund Management S.A. lifted its holdings in shares of TEGNA by 219.4% in the 2nd quarter. Capital Fund Management S.A. now owns 149,696 shares of the company’s stock valued at $2,268,000 after purchasing an additional 102,822 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of TEGNA in the 2nd quarter valued at about $85,000. 99.54% of the stock is owned by hedge funds and other institutional investors.
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.
Featured Story: What moving averages are used to define a golden cross?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for TEGNA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TEGNA and related companies with MarketBeat.com's FREE daily email newsletter.