TEGNA Inc. (TGNA) Downgraded by BidaskClub
TEGNA Inc. (NYSE:TGNA) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
Several other equities analysts also recently weighed in on the company. ValuEngine downgraded TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. FBR & Co dropped their price objective on TEGNA from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, May 15th. Benchmark Co. reaffirmed a “buy” rating and issued a $20.00 price objective on shares of TEGNA in a research note on Friday, June 16th. Zacks Investment Research downgraded TEGNA from a “hold” rating to a “strong sell” rating in a research note on Monday, June 5th. Finally, Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. TEGNA currently has an average rating of “Hold” and an average price target of $21.44.
TEGNA (NYSE TGNA) opened at 13.37 on Friday. TEGNA has a one year low of $13.25 and a one year high of $26.65. The firm has a market capitalization of $2.87 billion, a P/E ratio of 7.37 and a beta of 1.75. The firm has a 50-day moving average price of $14.70 and a 200-day moving average price of $21.43.
TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. TEGNA had a return on equity of 17.14% and a net margin of 11.90%. The company had revenue of $489.36 million during the quarter, compared to analysts’ expectations of $486.29 million. During the same period last year, the firm earned $0.50 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts anticipate that TEGNA will post $1.20 earnings per share for the current year.
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Large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of TEGNA by 3,145.3% in the first quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock worth $340,917,000 after buying an additional 12,896,690 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in shares of TEGNA by 31.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock worth $160,243,000 after buying an additional 2,676,789 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of TEGNA during the second quarter worth $24,986,000. Renaissance Technologies LLC boosted its position in shares of TEGNA by 1,523.6% in the first quarter. Renaissance Technologies LLC now owns 1,813,600 shares of the company’s stock worth $46,464,000 after buying an additional 1,701,900 shares during the last quarter. Finally, Contrarius Investment Management Ltd purchased a new position in shares of TEGNA during the first quarter worth $39,690,000. 86.66% of the stock is owned by institutional investors and hedge funds.
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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