B. Riley Cuts TEGNA (TGNA) Price Target to $13.00

TEGNA (NYSE:TGNA) had its price objective dropped by B. Riley from $16.00 to $13.00 in a note issued to investors on Wednesday, May 9th. The firm currently has a “neutral” rating on the stock. B. Riley’s target price points to a potential upside of 17.75% from the stock’s current price. B. Riley also issued estimates for TEGNA’s Q2 2018 earnings at $0.39 EPS, Q3 2018 earnings at $0.43 EPS, Q4 2018 earnings at $0.54 EPS, FY2018 earnings at $1.69 EPS and FY2020 earnings at $1.88 EPS.

Several other equities research analysts have also recently weighed in on TGNA. Zacks Investment Research upgraded TEGNA from a “sell” rating to a “hold” rating in a report on Saturday, January 20th. Barclays set a $12.00 target price on TEGNA and gave the stock a “sell” rating in a report on Sunday, March 4th. Barrington Research restated a “buy” rating and set a $18.00 price objective on shares of TEGNA in a research note on Tuesday, May 8th. ValuEngine cut TEGNA from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Finally, Benchmark restated a “buy” rating and set a $19.00 price objective on shares of TEGNA in a research note on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $15.09.

Shares of TGNA traded up $0.18 during mid-day trading on Wednesday, hitting $11.04. 2,089,678 shares of the stock were exchanged, compared to its average volume of 1,976,169. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 9.44, a price-to-earnings-growth ratio of 0.45 and a beta of 1.60. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.86 and a quick ratio of 1.86. TEGNA has a 52-week low of $10.00 and a 52-week high of $15.62.

TEGNA (NYSE:TGNA) last released its earnings results on Tuesday, May 8th. The company reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.03. The firm had revenue of $502.10 million for the quarter, compared to the consensus estimate of $497.35 million. TEGNA had a return on equity of 27.89% and a net margin of 23.56%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS. sell-side analysts expect that TEGNA will post 1.7 earnings per share for the current year.

In related news, COO Lynn B. Trelstad sold 3,112 shares of the firm’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $12.85, for a total transaction of $39,989.20. Following the sale, the chief operating officer now directly owns 24,152 shares of the company’s stock, valued at $310,353.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Neal Shapiro sold 12,385 shares of the firm’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $12.57, for a total value of $155,679.45. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Cerebellum GP LLC acquired a new stake in TEGNA in the fourth quarter valued at approximately $104,000. Amundi Pioneer Asset Management Inc. acquired a new stake in TEGNA in the fourth quarter valued at approximately $129,000. Conning Inc. acquired a new stake in TEGNA in the fourth quarter valued at approximately $147,000. Outfitter Advisors LTD. acquired a new stake in TEGNA in the fourth quarter valued at approximately $159,000. Finally, Quantbot Technologies LP acquired a new stake in TEGNA in the first quarter valued at approximately $137,000. 98.90% of the stock is currently 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.

Analyst Recommendations for TEGNA (NYSE:TGNA)

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