TEGNA’s (TGNA) Buy Rating Reaffirmed at Noble Financial
TEGNA Inc. (NYSE:TGNA)‘s stock had its “buy” rating reiterated by equities researchers at Noble Financial in a note issued to investors on Wednesday.
Other equities research analysts also recently issued research reports about the company. FBR & Co restated a “hold” rating and issued a $15.00 target price on shares of TEGNA in a research report on Wednesday, September 20th. ValuEngine upgraded TEGNA from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. BidaskClub downgraded TEGNA from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $14.00 price objective (down previously from $16.00) on shares of TEGNA in a report on Wednesday, August 2nd. Finally, Wells Fargo & Company reiterated a “hold” rating and issued a $14.00 price objective on shares of TEGNA in a report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $18.63.
Shares of TEGNA (TGNA) opened at 12.97 on Wednesday. The firm has a 50-day moving average price of $12.75 and a 200-day moving average price of $14.41. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 15.86 and a beta of 1.73. TEGNA has a 1-year low of $11.46 and a 1-year high of $17.06.
TEGNA (NYSE:TGNA) last posted its earnings results on Tuesday, August 1st. The company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The company had revenue of $489.36 million for the quarter, compared to the consensus estimate of $486.29 million. During the same quarter in the previous year, the business earned $0.50 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts forecast that TEGNA will post $1.09 EPS for the current year.
TEGNA announced that its Board of Directors has authorized a stock buyback program on Tuesday, September 19th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 11.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its position in shares of TEGNA by 3,145.3% during the 1st quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock worth $340,917,000 after acquiring an additional 12,896,690 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of TEGNA by 90.5% during the 2nd quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock worth $185,828,000 after acquiring an additional 6,127,293 shares in the last quarter. Canyon Capital Advisors LLC acquired a new position in shares of TEGNA during the 2nd quarter worth about $82,306,000. Artisan Partners Limited Partnership boosted its position in shares of TEGNA by 126.6% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock worth $84,289,000 after acquiring an additional 3,268,362 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of TEGNA by 31.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock worth $160,243,000 after acquiring an additional 2,676,789 shares in the last quarter. Institutional investors own 98.00% of the company’s stock.
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
Receive News & Ratings for TEGNA Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TEGNA Inc. and related companies with MarketBeat.com's FREE daily email newsletter.