JPMorgan Chase & Co. Issues Pessimistic Forecast for TEGNA (NYSE:TGNA) Stock Price

TEGNA (NYSE:TGNA) had its price target reduced by investment analysts at JPMorgan Chase & Co. from $19.00 to $18.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 7.80% from the company’s previous close.

Other analysts also recently issued research reports about the company. Benchmark dropped their price target on TEGNA from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Guggenheim lifted their price target on TEGNA from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their price target on TEGNA from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Finally, Wall Street Zen downgraded TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, TEGNA has a consensus rating of “Moderate Buy” and an average price target of $20.25.

TEGNA Stock Down 0.3%

Shares of NYSE:TGNA opened at $16.70 on Wednesday. The company has a market capitalization of $2.68 billion, a PE ratio of 5.90 and a beta of 0.31. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The business has a fifty day moving average price of $16.97 and a two-hundred day moving average price of $17.77. TEGNA has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.03. The company had revenue of $680.05 million during the quarter, compared to the consensus estimate of $677.24 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The firm’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 EPS. Analysts forecast that TEGNA will post 3.02 earnings per share for the current year.

Institutional Investors Weigh In On TEGNA

Several institutional investors have recently modified their holdings of TGNA. Millennium Management LLC lifted its holdings in TEGNA by 51.5% in the first quarter. Millennium Management LLC now owns 2,548,981 shares of the company’s stock valued at $46,442,000 after acquiring an additional 866,970 shares during the period. Nuveen LLC bought a new position in TEGNA in the first quarter valued at about $15,492,000. Norges Bank bought a new position in TEGNA in the fourth quarter valued at about $12,170,000. Deutsche Bank AG lifted its holdings in TEGNA by 383.6% in the first quarter. Deutsche Bank AG now owns 756,941 shares of the company’s stock valued at $13,791,000 after acquiring an additional 600,407 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in TEGNA in the fourth quarter valued at about $7,955,000. 92.19% of the stock is owned by hedge funds and other institutional investors.

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.