TEGNA (NYSE:TGNA) Shares Gap Up to $15.73

TEGNA Inc. (NYSE:TGNA – Get Rating) gapped up before the market opened on Tuesday . The stock had previously closed at $15.73, but opened at $16.19. TEGNA shares last traded at $16.28, with a volume of 735,525 shares traded.

Analyst Ratings Changes

Several research firms have commented on TGNA. Guggenheim dropped their price objective on shares of TEGNA from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, February 28th. Wells Fargo & Company lowered their target price on shares of TEGNA from $20.00 to $18.00 in a research note on Tuesday, March 28th. Benchmark lowered their target price on shares of TEGNA from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, April 12th. Finally, StockNews.com began coverage on shares of TEGNA in a research note on Thursday, May 18th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, TEGNA presently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

TEGNA Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 3.70 and a quick ratio of 3.70. The firm has a fifty day moving average of $16.38 and a two-hundred day moving average of $18.49. The stock has a market capitalization of $3.62 billion, a P/E ratio of 6.03 and a beta of 0.60.

TEGNA (NYSE:TGNA – Get Rating) last released its quarterly earnings data on Wednesday, May 10th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $740.33 million during the quarter, compared to the consensus estimate of $746.00 million. TEGNA had a return on equity of 20.62% and a net margin of 18.50%. On average, analysts predict that TEGNA Inc. will post 1.75 EPS for the current year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 9th will be issued a $0.095 dividend. The ex-dividend date is Thursday, June 8th. This represents a $0.38 annualized dividend and a dividend yield of 2.36%. TEGNA’s payout ratio is currently 14.23%.

Hedge Funds Weigh In On TEGNA

A number of large investors have recently added to or reduced their stakes in TGNA. International Assets Investment Management LLC raised its holdings in TEGNA by 27,586.2% in the fourth quarter. International Assets Investment Management LLC now owns 24,087 shares of the company’s stock worth $25,000 after purchasing an additional 24,000 shares in the last quarter. Belpointe Asset Management LLC raised its holdings in TEGNA by 189.5% in the first quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock worth $25,000 after purchasing an additional 955 shares in the last quarter. Ellevest Inc. raised its holdings in TEGNA by 641.1% in the first quarter. Ellevest Inc. now owns 1,549 shares of the company’s stock worth $26,000 after purchasing an additional 1,340 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in TEGNA in the third quarter worth about $27,000. Finally, Signaturefd LLC raised its holdings in TEGNA by 179.8% in the first quarter. Signaturefd LLC now owns 1,690 shares of the company’s stock worth $29,000 after purchasing an additional 1,086 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

TEGNA Company Profile

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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.