Zacks Investment Research lowered shares of Tegna (NYSE:TGNA) from a buy rating to a hold rating in a research note published on Tuesday, March 13th.
According to Zacks, “TEGNA reported strong fourth-quarter 2017 results aided by the buyout of Midwest Television's broadcasting stations, sale of CareerBuilder and spin-off of Cars.com. Moreover, in the quarter under review, TEGNA reported a one-time deferred tax benefit of $221 million, from the new tax law passed. For first-quarter 2018, the company also expects total revenues (excluding the terminated digital business) to increase by 10-12% year over year driven by Olympics, Super Bowl and subscription revenue growth. However, TEGNA’s operation in a competitive broadcast TV industry remains a concern. The U.S. broadcast TV industry has long been grappling with declining advertising revenues and global economic volatility. In fact, in the past six months, the stock price soared 7.2% but failed to beat the industry’s gain of 25.3%.”
Several other brokerages have also issued reports on TGNA. Noble Financial reaffirmed a buy rating on shares of Tegna in a report on Tuesday, December 19th. Wells Fargo raised Tegna from a market perform rating to an outperform rating and set a $19.00 price objective on the stock in a report on Thursday, January 4th. ValuEngine raised Tegna from a buy rating to a strong-buy rating in a report on Sunday, December 31st. Benchmark reaffirmed a buy rating and set a $19.00 price objective on shares of Tegna in a report on Thursday, February 22nd. Finally, Barclays set a $12.00 price target on Tegna and gave the stock a sell rating in a report on Sunday, March 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $15.67.
Tegna stock traded down $0.43 during trading hours on Tuesday, reaching $11.90. The company had a trading volume of 1,252,015 shares, compared to its average volume of 2,155,022. The stock has a market capitalization of $2,707.98, a price-to-earnings ratio of 5.79, a PEG ratio of 5.95 and a beta of 1.55. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 3.02. Tegna has a 52-week low of $11.59 and a 52-week high of $16.83.
Tegna (NYSE:TGNA) last posted its earnings results on Thursday, March 1st. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. The firm had revenue of $480.45 million for the quarter, compared to analyst estimates of $491.79 million. Tegna had a return on equity of 19.56% and a net margin of 20.74%. Tegna’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 earnings per share. equities research analysts anticipate that Tegna will post 1.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be given a $0.07 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.28 dividend on an annualized basis and a yield of 2.35%. Tegna’s payout ratio is currently 13.15%.
In other news, Director Neal Shapiro sold 12,385 shares of Tegna stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $12.57, for a total transaction of $155,679.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Lynn B. Trelstad sold 3,112 shares of Tegna stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $12.85, for a total transaction of $39,989.20. Following the sale, the chief operating officer now owns 24,152 shares of the company’s stock, valued at $310,353.20. The disclosure for this sale can be found here. 0.44% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of TGNA. Crossmark Global Holdings Inc. acquired a new stake in shares of Tegna during the 3rd quarter valued at approximately $312,000. Principal Financial Group Inc. lifted its position in shares of Tegna by 0.9% during the 3rd quarter. Principal Financial Group Inc. now owns 920,723 shares of the company’s stock valued at $12,273,000 after acquiring an additional 7,831 shares during the period. Sei Investments Co. lifted its position in shares of Tegna by 15.8% during the 3rd quarter. Sei Investments Co. now owns 306,717 shares of the company’s stock valued at $4,088,000 after acquiring an additional 41,935 shares during the period. New York State Common Retirement Fund increased its stake in shares of Tegna by 18.2% during the 3rd quarter. New York State Common Retirement Fund now owns 580,400 shares of the company’s stock worth $7,737,000 after purchasing an additional 89,500 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Tegna during the 3rd quarter worth approximately $223,000. Institutional investors own 99.91% of the company’s stock.
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Tegna Company Profile
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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