Benchmark Issues Positive Forecast for TEGNA (NYSE:TGNA) Stock Price

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

TEGNA Trading Down 1.0 %

Shares of TEGNA stock opened at $18.65 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.10. TEGNA has a 12-month low of $12.35 and a 12-month high of $19.62. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 6.59 and a beta of 0.49. The firm’s 50 day simple moving average is $15.70 and its two-hundred day simple moving average is $14.84.

TEGNA (NYSE:TGNA) last issued its quarterly 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. TEGNA had a net margin of 16.75% and a return on equity of 14.62%. The business had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same quarter in the prior year, the business posted $0.39 EPS. TEGNA’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts predict that TEGNA will post 3.07 EPS for the current year.

Insider Buying and Selling at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the sale, the chief operating officer now owns 179,617 shares in the company, valued at $2,493,083.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 50,016 shares of company stock worth $757,218. 0.88% of the stock is owned by corporate insiders.

Institutional Trading of TEGNA

Hedge funds and other institutional investors have recently made changes to their positions in the business. Seven Eight Capital LP acquired a new stake in shares of TEGNA in the first quarter worth $2,526,000. Mirae Asset Global Investments Co. Ltd. grew its position in TEGNA by 122.1% during the first 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 during the period. Dimensional Fund Advisors LP grew its position in TEGNA by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after buying an additional 141,638 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in TEGNA by 9,100.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock valued at $2,749,000 after buying an additional 182,000 shares during the period. Finally, Capital Management Corp VA grew its position in TEGNA by 30.3% during the third quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock valued at $11,453,000 after buying an additional 168,667 shares during the period. Institutional investors and hedge funds 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.