Benchmark Forecasts Strong Price Appreciation for TEGNA (NYSE:TGNA) Stock

TEGNA (NYSE:TGNA) had its target price lifted by Benchmark from $21.00 to $23.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

TEGNA Stock Down 2.5 %

TGNA stock traded down $0.49 on Friday, reaching $18.83. 3,444,783 shares of the company traded hands, compared to its average volume of 1,524,076. The firm has a fifty day simple moving average of $15.61 and a 200-day simple moving average of $14.79. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. TEGNA has a one year low of $12.35 and a one year high of $19.62. The company has a market cap of $3.12 billion, a P/E ratio of 7.78 and a beta of 0.49.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The firm had revenue of $806.83 million for the quarter, compared to the consensus estimate of $795.72 million. During the same period last year, the business posted $0.39 EPS. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. Research analysts anticipate that TEGNA will post 3.07 earnings per share for the current year.

Insider Transactions at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.88, for a total transaction of $347,000.00. Following the completion of the transaction, the chief operating officer now owns 179,617 shares in the company, valued at $2,493,083.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 50,016 shares of company stock valued at $757,218. 0.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TEGNA

Large investors have recently made changes to their positions in the business. Miller Howard Investments Inc. NY grew its holdings in shares of TEGNA by 1.8% during the second quarter. Miller Howard Investments Inc. NY now owns 42,031 shares of the company’s stock valued at $586,000 after buying an additional 726 shares during the last quarter. US Bancorp DE boosted its holdings in TEGNA by 20.4% in the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after purchasing an additional 764 shares during the last quarter. Manchester Financial Inc. boosted its stake in shares of TEGNA by 0.9% during the 2nd quarter. Manchester Financial Inc. now owns 118,202 shares of the company’s stock worth $1,648,000 after acquiring an additional 1,047 shares in the last quarter. O Keefe Stevens Advisory Inc. boosted its stake in shares of TEGNA by 7.4% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 16,024 shares of the company’s stock worth $223,000 after acquiring an additional 1,099 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of TEGNA by 3.0% during the 1st quarter. ProShare Advisors LLC now owns 45,113 shares of the company’s stock worth $674,000 after acquiring an additional 1,306 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.