Brokerages Anticipate Tegna Inc (TGNA) Will Post Quarterly Sales of $491.80 Million
Equities analysts expect that Tegna Inc (NYSE:TGNA) will report $491.80 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for Tegna’s earnings, with the lowest sales estimate coming in at $478.00 million and the highest estimate coming in at $501.00 million. Tegna posted sales of $887.42 million in the same quarter last year, which suggests a negative year-over-year growth rate of 44.6%. The company is expected to announce its next quarterly earnings report on Monday, February 26th.
On average, analysts expect that Tegna will report full year sales of $491.80 million for the current fiscal year, with estimates ranging from $1.90 billion to $1.91 billion. For the next financial year, analysts expect that the company will report sales of $2.14 billion per share, with estimates ranging from $2.08 billion to $2.19 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Tegna.
Tegna (NYSE:TGNA) last posted its quarterly earnings data on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Tegna had a net margin of 11.10% and a return on equity of 20.50%. The firm had revenue of $464.26 million during the quarter, compared to analyst estimates of $463.23 million. During the same quarter last year, the business posted $0.65 EPS. The company’s revenue was down 10.7% on a year-over-year basis.
A number of equities research analysts have issued reports on TGNA shares. ValuEngine lowered shares of Tegna from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research downgraded shares of Tegna from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. FBR & Co restated a “hold” rating and set a $15.00 price target on shares of Tegna in a report on Wednesday, November 1st. BidaskClub upgraded shares of Tegna from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Finally, Royal Bank of Canada began coverage on shares of Tegna in a report on Tuesday, September 26th. They set a “sector perform” rating and a $14.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $17.88.
In other Tegna news, EVP Todd A. Mayman sold 36,830 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $12.63, for a total value of $465,162.90. Following the transaction, the executive vice president now directly owns 19,420 shares in the company, valued at $245,274.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the completion of the transaction, the senior vice president now owns 32,335 shares in the company, valued at $442,666.15. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TGNA. HPM Partners LLC lifted its position in shares of Tegna by 0.6% during the second quarter. HPM Partners LLC now owns 12,764 shares of the company’s stock worth $184,000 after purchasing an additional 77 shares in the last quarter. Synovus Financial Corp lifted its position in shares of Tegna by 4.4% during the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock worth $148,000 after purchasing an additional 438 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Tegna by 4.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock worth $182,000 after purchasing an additional 499 shares in the last quarter. Aviva PLC lifted its position in shares of Tegna by 0.5% during the second quarter. Aviva PLC now owns 133,517 shares of the company’s stock worth $1,924,000 after purchasing an additional 710 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of Tegna by 2.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 42,256 shares of the company’s stock worth $609,000 after purchasing an additional 1,067 shares in the last quarter. Hedge funds and other institutional investors own 99.89% of the company’s stock.
Shares of Tegna (NYSE:TGNA) traded up $0.24 during trading hours on Friday, hitting $13.62. 6,872,000 shares of the company’s stock were exchanged, compared to its average volume of 3,518,724. The firm has a market cap of $2,930.00, a price-to-earnings ratio of 8.45, a P/E/G ratio of 10.22 and a beta of 1.57. Tegna has a 52 week low of $11.59 and a 52 week high of $17.08. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 4.30.
Tegna declared that its board has initiated a stock repurchase program on Tuesday, September 19th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be issued a dividend of $0.07 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.06%. Tegna’s payout ratio is 18.06%.
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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