TEGNA Inc. (NYSE:TGNA) was the target of a large increase in short interest in April. As of April 15th, there was short interest totalling 7,910,000 shares, an increase of 20.8% from the March 31st total of 6,550,000 shares. Based on an average daily trading volume, of 1,800,000 shares, the days-to-cover ratio is currently 4.4 days.
TGNA has been the subject of a number of research analyst reports. Barrington Research increased their price objective on shares of TEGNA from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, January 8th. Zacks Investment Research raised shares of TEGNA from a “hold” rating to a “strong-buy” rating and set a $18.00 target price for the company in a report on Tuesday, January 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $16.00.
A number of institutional investors and hedge funds have recently modified their holdings of TGNA. Norges Bank bought a new stake in TEGNA in the fourth quarter worth $41,066,000. Boussard & Gavaudan Investment Management LLP bought a new stake in shares of TEGNA during the fourth quarter worth $17,234,000. New South Capital Management Inc. lifted its position in shares of TEGNA by 15.7% during the fourth quarter. New South Capital Management Inc. now owns 8,991,428 shares of the company’s stock worth $125,430,000 after purchasing an additional 1,223,417 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of TEGNA by 28.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 4,100,620 shares of the company’s stock worth $57,204,000 after purchasing an additional 910,110 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of TEGNA during the fourth quarter worth $10,645,000. Institutional investors own 88.95% of the company’s stock.
TGNA traded down $0.61 during trading on Tuesday, reaching $19.76. The company had a trading volume of 93,000 shares, compared to its average volume of 1,759,759. The stock has a market cap of $4.36 billion, a P/E ratio of 13.36, a PEG ratio of 0.86 and a beta of 1.23. The business has a 50 day simple moving average of $20.17 and a 200-day simple moving average of $16.45. TEGNA has a 52 week low of $9.66 and a 52 week high of $21.51. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 2.17.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Monday, March 1st. The company reported $1.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.16. The company had revenue of $938.00 million during the quarter, compared to the consensus estimate of $934.10 million. TEGNA had a return on equity of 21.02% and a net margin of 11.97%. TEGNA’s revenue was up 35.2% on a year-over-year basis. During the same period last year, the company earned $0.47 earnings per share. As a group, equities research analysts expect that TEGNA will post 2.28 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 1st. Investors of record on Friday, June 4th will be given a $0.095 dividend. The ex-dividend date is Thursday, June 3rd. This is an increase from TEGNA’s previous quarterly dividend of $0.07. This represents a $0.38 dividend on an annualized basis and a yield of 1.92%. TEGNA’s dividend payout ratio (DPR) is currently 20.29%.
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.
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