TEGNA (NYSE:TGNA) Sets New 52-Week High – Here’s What Happened

TEGNA Inc. (NYSE:TGNA)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $17.39 and last traded at $17.13, with a volume of 9160 shares trading hands. The stock had previously closed at $16.06.

Wall Street Analyst Weigh In

Separately, Benchmark restated a “buy” rating and issued a $21.00 target price on shares of TEGNA in a research note on Thursday, August 8th.

TEGNA Trading Up 7.8 %

The stock has a market capitalization of $3.20 billion, a PE ratio of 7.99 and a beta of 0.49. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.10. The firm has a 50-day moving average price of $15.51 and a 200-day moving average price of $14.75.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. The business had revenue of $710.36 million during the quarter, compared to the consensus estimate of $715.40 million. During the same quarter last year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, equities analysts forecast that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

Insider Transactions at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now owns 154,617 shares in the company, valued at approximately $2,535,718.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 50,016 shares of company stock worth $757,218 in the last quarter. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On TEGNA

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Seven Eight Capital LP bought a new stake in shares of TEGNA in the first quarter valued at approximately $2,526,000. Mirae Asset Global Investments Co. Ltd. grew its stake in TEGNA by 122.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 224,159 shares of the company’s stock valued at $3,564,000 after buying an additional 123,249 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of TEGNA by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after acquiring an additional 141,638 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of TEGNA by 9,100.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock worth $2,749,000 after acquiring an additional 182,000 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of TEGNA in the third quarter valued at $626,000. Institutional investors own 92.19% of the company’s stock.

About TEGNA

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.