JPMorgan Chase & Co. Forecasts Strong Price Appreciation for TEGNA (NYSE:TGNA) Stock

TEGNA (NYSE:TGNA) had its price objective boosted by JPMorgan Chase & Co. from $16.00 to $19.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Benchmark boosted their price objective on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, November 8th.

TEGNA Stock Down 2.6 %

Shares of NYSE TGNA opened at $17.64 on Tuesday. The firm’s 50-day moving average is $16.05 and its two-hundred day moving average is $14.95. The company has a market capitalization of $2.84 billion, a PE ratio of 6.23 and a beta of 0.49. TEGNA has a 12-month low of $12.35 and a 12-month high of $19.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60.

TEGNA (NYSE:TGNA) last posted its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The firm had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. TEGNA’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. Equities analysts anticipate that TEGNA will post 3.08 EPS for the current fiscal year.

Insider Buying and Selling

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction dated 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 directly owns 154,617 shares of the company’s stock, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TGNA. Harbor Capital Advisors Inc. purchased a new stake in TEGNA during the 3rd quarter worth $28,000. Headlands Technologies LLC purchased a new stake in shares of TEGNA during the first quarter worth about $46,000. CWM LLC lifted its stake in shares of TEGNA by 146.3% in the second quarter. CWM LLC now owns 4,614 shares of the company’s stock worth $64,000 after acquiring an additional 2,741 shares in the last quarter. Quarry LP boosted its holdings in TEGNA by 455.2% in the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after purchasing an additional 3,300 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in TEGNA by 247.8% during the 2nd quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock valued at $70,000 after purchasing an additional 3,350 shares in the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

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.