TEGNA (NYSE:TGNA) Price Target Raised to $19.00

TEGNA (NYSE:TGNA) had its price target boosted by JPMorgan Chase & Co. from $16.00 to $19.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Benchmark upped their price target on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, November 8th.

TEGNA Stock Down 3.1 %

Shares of NYSE:TGNA opened at $18.11 on Tuesday. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 6.40 and a beta of 0.49. TEGNA has a 12-month low of $12.35 and a 12-month high of $19.62. The business has a 50-day moving average price of $15.97 and a 200 day moving average price of $14.92. 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business had revenue of $806.83 million during the quarter, compared to analysts’ expectations of $795.72 million. During the same period last year, the business earned $0.39 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. Sell-side analysts expect that TEGNA will post 3.07 EPS for the current year.

Insider Buying and Selling

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.88, for a total value of $347,000.00. Following the sale, the chief operating officer now owns 179,617 shares of the company’s stock, valued at $2,493,083.96. This trade represents a 12.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by insiders.

Institutional Trading of TEGNA

A number of large investors have recently made changes to their positions in TGNA. Texas Permanent School Fund Corp increased its position in shares of TEGNA by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 172,067 shares of the company’s stock valued at $2,571,000 after purchasing an additional 2,240 shares during the last quarter. Headlands Technologies LLC acquired a new stake in TEGNA in the first quarter valued at $46,000. Russell Investments Group Ltd. lifted its holdings in TEGNA by 52.6% during the 1st quarter. Russell Investments Group Ltd. now owns 43,031 shares of the company’s stock worth $643,000 after buying an additional 14,838 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of TEGNA by 3.0% during the 1st quarter. ProShare Advisors LLC now owns 45,113 shares of the company’s stock worth $674,000 after acquiring an additional 1,306 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in shares of TEGNA in the 1st quarter valued at about $385,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

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.