TEGNA (NYSE:TGNA) Shares Gap Down – Time to Sell?

TEGNA Inc. (NYSE:TGNA)’s share price gapped down before the market opened on Monday . The stock had previously closed at $19.97, but opened at $19.00. TEGNA shares last traded at $19.0220, with a volume of 1,074,095 shares changing hands.

Analyst Ratings Changes

TGNA has been the topic of several research reports. Guggenheim restated a “neutral” rating and issued a $19.00 target price on shares of TEGNA in a report on Friday, August 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TEGNA in a report on Monday, November 17th. Wells Fargo & Company cut TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Finally, Zacks Research downgraded TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, TEGNA has a consensus rating of “Hold” and a consensus target price of $19.75.

TEGNA Trading Down 3.6%

The firm has a market capitalization of $3.10 billion, a P/E ratio of 6.92 and a beta of 0.25. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. The stock’s 50-day simple moving average is $20.16 and its two-hundred day simple moving average is $18.71.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The business had revenue of $650.79 million for the quarter, compared to the consensus estimate of $658.28 million. TEGNA had a net margin of 14.99% and a return on equity of 16.20%. TEGNA’s revenue was down 19.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 earnings per share. Equities research analysts expect that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 5th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, December 5th. TEGNA’s dividend payout ratio is presently 23.58%.

Institutional Investors Weigh In On TEGNA

Institutional investors and hedge funds have recently modified their holdings of the stock. Financial Consulate Inc. purchased a new position in shares of TEGNA in the third quarter worth $29,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in TEGNA in the 2nd quarter worth $38,000. Federated Hermes Inc. boosted its holdings in shares of TEGNA by 85.4% during the 3rd quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after purchasing an additional 853 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of TEGNA by 160.4% in the third quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock worth $48,000 after buying an additional 1,464 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of TEGNA by 1,018.3% in the second quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock worth $50,000 after buying an additional 2,729 shares in the last quarter. Institutional investors 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.