TEGNA (NYSE:TGNA) Posts Earnings Results, Misses Expectations By $0.02 EPS

TEGNA (NYSE:TGNA) released its quarterly earnings data on Monday. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.02), Zacks reports. TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The company had revenue of $650.79 million during the quarter, compared to analyst estimates of $658.28 million. During the same period in the previous year, the company posted $0.94 EPS. The company’s quarterly revenue was down 19.3% compared to the same quarter last year.

TEGNA Stock Performance

Shares of TEGNA stock traded down $0.10 during trading on Wednesday, reaching $20.10. The company’s stock had a trading volume of 112,184 shares, compared to its average volume of 2,033,317. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.82. The business’s 50-day moving average price is $20.34 and its 200-day moving average price is $18.51. TEGNA has a 52 week low of $14.87 and a 52 week high of $21.35. The firm has a market cap of $3.24 billion, a PE ratio of 7.23 and a beta of 0.25.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were given a dividend of $0.125 per share. The ex-dividend date was Friday, September 5th. This represents a $0.50 annualized dividend and a yield of 2.5%. TEGNA’s dividend payout ratio (DPR) is presently 23.58%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Zacks Research lowered shares of TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TEGNA in a research report on Wednesday, October 8th. Finally, Guggenheim reissued a “neutral” rating and set a $19.00 target price on shares of TEGNA in a report on Friday, August 22nd. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wasatch Advisors LP raised its position in shares of TEGNA by 5,517.6% in the second quarter. Wasatch Advisors LP now owns 3,242,220 shares of the company’s stock valued at $54,340,000 after buying an additional 3,184,505 shares in the last quarter. Bank of America Corp DE increased its stake in TEGNA by 8.6% during the 2nd quarter. Bank of America Corp DE now owns 1,098,787 shares of the company’s stock worth $18,416,000 after acquiring an additional 86,999 shares during the period. Invesco Ltd. increased its stake in TEGNA by 49.3% during the 2nd quarter. Invesco Ltd. now owns 1,037,807 shares of the company’s stock worth $17,394,000 after acquiring an additional 342,772 shares during the period. BNP Paribas Financial Markets raised its holdings in TEGNA by 247.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 940,055 shares of the company’s stock valued at $15,755,000 after acquiring an additional 669,255 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in shares of TEGNA by 1,790.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 789,521 shares of the company’s stock valued at $13,232,000 after acquiring an additional 747,747 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

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.