TEGNA (NYSE:TGNA) Upgraded at StockNews.com

StockNews.com upgraded shares of TEGNA (NYSE:TGNA) from a hold rating to a buy rating in a research note published on Friday morning.

Other equities analysts also recently issued reports about the stock. Benchmark upped 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. JPMorgan Chase & Co. upped their price target on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th.

TEGNA Trading Down 2.6 %

Shares of TGNA stock opened at $17.64 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The business has a 50-day moving average of $16.05 and a 200 day moving average of $14.96. The stock has a market capitalization of $2.84 billion, a PE ratio of 6.23 and a beta of 0.49. TEGNA has a 1-year low of $12.35 and a 1-year high of $19.62.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $806.83 million for the quarter, compared to analysts’ expectations of $795.72 million. During the same quarter last year, the business earned $0.39 earnings per share. The business’s revenue was up 13.1% on a year-over-year basis. As a group, sell-side analysts anticipate that TEGNA will post 3.02 earnings per share for the current year.

Insider Activity

In other news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.88, for a total value of $347,000.00. Following the completion of the transaction, the chief operating officer now owns 179,617 shares in the company, 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 SEC, which is available through this hyperlink. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On TEGNA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TGNA. Headlands Technologies LLC bought a new stake in shares of TEGNA during the 1st quarter valued at $46,000. Russell Investments Group Ltd. increased its stake in shares of TEGNA by 52.6% during the first quarter. Russell Investments Group Ltd. now owns 43,031 shares of the company’s stock valued at $643,000 after purchasing an additional 14,838 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of TEGNA by 3.0% during the first quarter. ProShare Advisors LLC now owns 45,113 shares of the company’s stock valued at $674,000 after purchasing an additional 1,306 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of TEGNA during the first quarter valued at approximately $385,000. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of TEGNA by 13.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 165,652 shares of the company’s stock worth $2,475,000 after purchasing an additional 19,974 shares in the last quarter. 92.19% of the stock is 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.