TEGNA (NYSE:TGNA) Stock Rating Upgraded by Zacks Research

TEGNA (NYSE:TGNA) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other analysts have also issued reports about the stock. Wells Fargo & Company lowered shares of TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, TEGNA has a consensus rating of “Hold” and an average price target of $19.75.

TEGNA Stock Performance

NYSE:TGNA traded down $0.07 during mid-day trading on Monday, hitting $18.89. 2,397,093 shares of the company’s stock traded hands, compared to its average volume of 1,194,917. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 8.92 and a beta of 0.13. The firm has a 50 day moving average of $19.53 and a two-hundred day moving average of $19.38. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.81. TEGNA has a 12 month low of $14.87 and a 12 month high of $21.35.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). TEGNA had a return on equity of 12.50% and a net margin of 11.97%.The business had revenue of $650.79 million for the quarter, compared to analyst estimates of $658.28 million. During the same quarter last year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was down 19.3% compared to the same quarter last year. On average, equities analysts forecast that TEGNA will post 3.02 earnings per share for the current fiscal year.

Institutional Trading of TEGNA

Several institutional investors and hedge funds have recently bought and sold shares of the business. Magnetar Financial LLC increased its stake in shares of TEGNA by 6,587.9% in the third quarter. Magnetar Financial LLC now owns 4,140,181 shares of the company’s stock worth $84,170,000 after acquiring an additional 4,078,275 shares during the period. Wasatch Advisors LP grew its position in TEGNA by 5,517.6% during the 2nd quarter. Wasatch Advisors LP now owns 3,242,220 shares of the company’s stock worth $54,340,000 after purchasing an additional 3,184,505 shares during the period. Pentwater Capital Management LP acquired a new position in shares of TEGNA in the 3rd quarter valued at about $47,294,000. Alliancebernstein L.P. lifted its holdings in shares of TEGNA by 980.1% in the 3rd quarter. Alliancebernstein L.P. now owns 2,090,826 shares of the company’s stock valued at $42,506,000 after buying an additional 1,897,245 shares during the period. Finally, Water Island Capital LLC purchased a new stake in shares of TEGNA in the third quarter worth about $24,874,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Company Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.