Guggenheim Reiterates “Buy” Rating for TEGNA (NYSE:TGNA)

TEGNA (NYSE:TGNA)‘s stock had its “buy” rating reissued by equities researchers at Guggenheim in a note issued to investors on Friday,Benzinga reports. They currently have a $22.00 target price on the stock. Guggenheim’s target price would suggest a potential upside of 20.71% from the stock’s previous close.

TGNA has been the topic of a number of other reports. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. JPMorgan Chase & Co. upped their target price on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Benchmark lifted their price target on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, TEGNA has an average rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Price Performance

NYSE TGNA opened at $18.23 on Friday. The firm’s 50 day moving average is $18.39 and its 200-day moving average is $16.43. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $2.94 billion, a PE ratio of 6.44 and a beta of 0.52. TEGNA has a 12-month low of $12.35 and a 12-month high of $19.62.

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 the consensus estimate of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same period in the previous year, the business earned $0.39 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. Equities research analysts anticipate that TEGNA will post 3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TGNA. Pacer Advisors Inc. boosted its position in shares of TEGNA by 2,898.4% in the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock valued at $170,521,000 after acquiring an additional 10,445,739 shares during the period. State Street Corp boosted its holdings in TEGNA by 3.5% in the 3rd quarter. State Street Corp now owns 8,194,619 shares of the company’s stock valued at $129,991,000 after purchasing an additional 276,699 shares during the period. Geode Capital Management LLC grew its position in shares of TEGNA by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock worth $77,422,000 after purchasing an additional 238,696 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of TEGNA by 3.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock worth $28,077,000 after purchasing an additional 53,583 shares during the period. Finally, Millennium Management LLC raised its position in shares of TEGNA by 395.9% in the second quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after buying an additional 743,052 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.