TEGNA (NYSE:TGNA) Raised to Hold at Zacks Research

TEGNA (NYSE:TGNA) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other analysts also recently issued reports about the company. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.75.

TEGNA Trading Down 0.3%

Shares of NYSE TGNA traded down $0.06 on Monday, reaching $18.90. 236,455 shares of the company traded hands, compared to its average volume of 963,120. The stock has a market capitalization of $3.04 billion, a PE ratio of 8.91 and a beta of 0.13. TEGNA has a fifty-two week low of $14.87 and a fifty-two week high of $21.35. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.81. The company has a 50 day moving average of $19.53 and a 200 day moving average of $19.38.

TEGNA (NYSE:TGNA) last released its earnings results on Monday, November 10th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The company had revenue of $650.79 million during the quarter, compared to analysts’ expectations of $658.28 million. TEGNA had a net margin of 11.97% and a return on equity of 12.50%. TEGNA’s revenue for the quarter was down 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. On average, equities research analysts forecast that TEGNA will post 3.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TEGNA

Large investors have recently modified their holdings of the stock. Financial Consulate Inc. acquired a new position in TEGNA during the 3rd quarter worth approximately $29,000. Federated Hermes Inc. grew its position in TEGNA by 85.4% in the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after acquiring an additional 853 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in TEGNA during the 2nd quarter worth $38,000. Smartleaf Asset Management LLC grew its stake in shares of TEGNA by 160.4% during the third quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock valued at $48,000 after acquiring an additional 1,464 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC purchased a new stake in shares of TEGNA during the third quarter worth about $51,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Company Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.