TEGNA (TGNA) Sees Strong Trading Volume

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TEGNA Inc. (NYSE:TGNA) shares saw unusually-high trading volume on Friday . Approximately 22,999,500 shares were traded during trading, an increase of 879% from the previous session’s volume of 2,349,592 shares.The stock last traded at $11.24 and had previously closed at $11.18.

TGNA has been the topic of a number of analyst reports. Argus reduced their price objective on shares of TEGNA from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, May 30th. Barclays set a $12.00 price objective on shares of TEGNA and gave the stock a “sell” rating in a research note on Sunday, March 4th. B. Riley reduced their price target on shares of TEGNA from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 9th. Zacks Investment Research upgraded shares of TEGNA from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, March 6th. Finally, Barrington Research restated a “buy” rating and issued a $18.00 price target on shares of TEGNA in a research note on Tuesday, May 8th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. TEGNA has a consensus rating of “Hold” and a consensus price target of $15.08.

The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 3.08. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 9.56, a P/E/G ratio of 0.45 and a beta of 1.57.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Tuesday, May 8th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.03. The company had revenue of $502.10 million for the quarter, compared to the consensus estimate of $497.35 million. TEGNA had a net margin of 23.56% and a return on equity of 27.89%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $0.33 EPS. equities research analysts forecast that TEGNA Inc. will post 1.72 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 8th will be issued a $0.07 dividend. The ex-dividend date is Thursday, June 7th. This represents a $0.28 dividend on an annualized basis and a yield of 2.49%. TEGNA’s dividend payout ratio (DPR) is presently 25.93%.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. raised its holdings in TEGNA by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 942,254 shares of the company’s stock valued at $10,732,000 after buying an additional 21,355 shares during the last quarter. Xact Kapitalforvaltning AB raised its holdings in TEGNA by 42.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 30,108 shares of the company’s stock valued at $343,000 after buying an additional 9,000 shares during the last quarter. Highbridge Capital Management LLC bought a new position in TEGNA in the 1st quarter valued at approximately $205,000. Foundry Partners LLC bought a new position in TEGNA in the 1st quarter valued at approximately $7,115,000. Finally, Millennium Management LLC raised its holdings in TEGNA by 70.8% in the 1st quarter. Millennium Management LLC now owns 204,603 shares of the company’s stock valued at $2,330,000 after buying an additional 84,791 shares during the last quarter. Institutional investors and hedge funds own 93.88% of the company’s stock.

About TEGNA

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.

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