TEGNA (TGNA) Earns Hold Rating from Zacks Investment Research
Zacks Investment Research reissued their hold rating on shares of TEGNA (NYSE:TGNA) in a report published on Friday morning.
According to Zacks, “TEGNA benefits from higher paid-up subscribers, mainly OTT subscribers, and increased revenues from political ads. Additionally, ahead of the U.S. mid-term elections higher political advertising sales may lead to higher advertising revenues, which is a positive. Moreover, acquisition of the broadcasting stations of Midwest Television expands TEGNA’s U.S. television household reach by more than one million. Meanwhile, estimates have been stable lately ahead of the company's Q3 earnings release. The company also has positive record of earnings surprise in the recent quarters. However, the company operates in a competitive broadcast TV industry, which has long been grappling with declining advertising revenues. Cord-cutting also remains a significant threat. Moreover, shares have also underperformed the industry on a year-to-date basis.”
A number of other research firms also recently weighed in on TGNA. ValuEngine raised TEGNA from a sell rating to a hold rating in a report on Wednesday, November 7th. Benchmark reissued a buy rating and set a $17.00 target price on shares of TEGNA in a report on Wednesday, August 8th. Noble Financial set a $15.00 target price on TEGNA and gave the stock a buy rating in a report on Wednesday, August 22nd. Evercore ISI started coverage on TEGNA in a report on Tuesday, July 31st. They set an in-line rating and a $14.00 target price for the company. Finally, Royal Bank of Canada reissued a hold rating and set a $12.00 target price on shares of TEGNA in a report on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $14.50.
TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 8th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.03. TEGNA had a return on equity of 28.02% and a net margin of 26.46%. The business had revenue of $539.00 million during the quarter, compared to the consensus estimate of $537.68 million. During the same quarter last year, the firm posted $0.23 EPS. The company’s quarterly revenue was up 16.1% on a year-over-year basis. On average, sell-side analysts forecast that TEGNA will post 1.71 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 7th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Thursday, December 6th. TEGNA’s payout ratio is currently 25.93%.
Several hedge funds and other institutional investors have recently modified their holdings of TGNA. BlackRock Inc. increased its position in shares of TEGNA by 31.9% in the second quarter. BlackRock Inc. now owns 24,443,859 shares of the company’s stock worth $265,215,000 after purchasing an additional 5,911,626 shares during the period. Northern Trust Corp grew its position in TEGNA by 60.5% in the second quarter. Northern Trust Corp now owns 3,177,579 shares of the company’s stock valued at $34,477,000 after acquiring an additional 1,197,787 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its position in TEGNA by 35.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 3,963,036 shares of the company’s stock valued at $47,398,000 after acquiring an additional 1,034,575 shares during the last quarter. Ariel Investments LLC grew its position in TEGNA by 10.8% in the second quarter. Ariel Investments LLC now owns 9,882,320 shares of the company’s stock valued at $107,223,000 after acquiring an additional 964,669 shares during the last quarter. Finally, Smead Capital Management Inc. grew its position in TEGNA by 27.5% in the third quarter. Smead Capital Management Inc. now owns 4,178,899 shares of the company’s stock valued at $49,980,000 after acquiring an additional 901,024 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.
TEGNA Company Profile
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.
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