Tegna (NYSE:TGNA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Over the past six months, the share price of TEGNA increased 1.7% but failed to beat the industry’s gain of 8.3%. Moreover, TEGNA’s operation in a competitive broadcast TV industry remains a concern. The U.S. broadcast TV industry has long been grappling with declining advertising revenues and global economic volatility. On the flip side, TEGNA seems to be soaring high, post the completion of its two strategic business moves. On one side, TEGNA plans to use the $250 million of gross proceeds from the sale of its web portal CareerBuilder, to clear off existing debt. While the spin-off of its auto-sales website, Cars.com into two publicly traded companies: TEGNA and Cars.com, should increase TEGNA's growth opportunities and appropriate market valuations. Moreover, TEGNA’s media business is faring well, evident from the revenue growth.”
Several other research firms have also issued reports on TGNA. FBR & Co restated a “hold” rating and issued a $15.00 target price on shares of Tegna in a report on Wednesday, September 20th. BidaskClub lowered shares of Tegna from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. ValuEngine upgraded shares of Tegna from a “buy” rating to a “strong-buy” rating in a report on Friday, December 1st. Noble Financial restated a “buy” rating on shares of Tegna in a report on Tuesday, December 19th. Finally, Wells Fargo & Co upgraded shares of Tegna from a “market perform” rating to an “outperform” rating and set a $19.00 target price for the company in a report on Thursday, January 4th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $18.50.
Tegna (NYSE:TGNA) last released its earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The firm had revenue of $464.26 million during the quarter, compared to analyst estimates of $463.23 million. Tegna had a net margin of 11.10% and a return on equity of 20.50%. The business’s revenue was down 10.7% on a year-over-year basis. During the same quarter last year, the business earned $0.65 EPS. equities analysts forecast that Tegna will post 1.08 EPS for the current year.
Tegna declared that its board has approved a stock buyback program on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 11.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
In other Tegna news, SVP Clifton A. Mcclelland III sold 7,740 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the transaction, the senior vice president now owns 32,335 shares of the company’s stock, valued at approximately $442,666.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Todd A. Mayman sold 36,830 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $12.63, for a total transaction of $465,162.90. Following the transaction, the executive vice president now directly owns 19,420 shares in the company, valued at approximately $245,274.60. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of TGNA. Canyon Capital Advisors LLC purchased a new position in Tegna during the 2nd quarter valued at about $82,306,000. BlackRock Inc. grew its position in shares of Tegna by 32.2% in the 2nd quarter. BlackRock Inc. now owns 17,593,214 shares of the company’s stock worth $253,518,000 after buying an additional 4,286,497 shares during the last quarter. Evercore Trust Company N.A. purchased a new position in shares of Tegna in the 3rd quarter worth approximately $56,674,000. Artisan Partners Limited Partnership grew its position in shares of Tegna by 126.6% in the 2nd quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock worth $84,289,000 after buying an additional 3,268,362 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Tegna in the 2nd quarter worth approximately $32,068,000. 99.71% of the stock is currently owned by institutional investors and hedge funds.
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tegna and related companies with MarketBeat.com's FREE daily email newsletter.