TEGNA (NYSE:TGNA) Upgraded by Wells Fargo & Company to “Overweight” Rating

TEGNA (NYSE:TGNA) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday,Benzinga reports. The firm currently has a $23.00 target price on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 31.43% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. StockNews.com raised TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Benchmark boosted their target price on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. boosted their price objective on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th.

TEGNA Stock Down 3.3 %

TGNA opened at $17.50 on Thursday. The stock has a market capitalization of $2.82 billion, a P/E ratio of 6.18 and a beta of 0.52. TEGNA has a 12 month low of $12.35 and a 12 month high of $19.62. The business has a 50 day simple moving average of $17.63 and a 200-day simple moving average of $15.56. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The business had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same quarter in the previous year, the company earned $0.39 EPS. The company’s quarterly revenue was up 13.1% on a year-over-year basis. On average, equities analysts anticipate that TEGNA will post 3.02 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the transaction, the chief operating officer now directly owns 154,617 shares in the company, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.88% of the company’s stock.

Institutional Trading of TEGNA

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its holdings in TEGNA by 247.8% in the second quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock worth $70,000 after acquiring an additional 3,350 shares during the last quarter. Bailard Inc. acquired a new position in shares of TEGNA during the second quarter valued at $302,000. Miller Howard Investments Inc. NY increased its holdings in shares of TEGNA by 1.8% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 42,031 shares of the company’s stock worth $586,000 after acquiring an additional 726 shares during the period. Innealta Capital LLC bought a new position in TEGNA in the 2nd quarter worth about $116,000. Finally, Signaturefd LLC increased its stake in shares of TEGNA by 65.0% in the second quarter. Signaturefd LLC now owns 14,951 shares of the company’s stock valued at $208,000 after purchasing an additional 5,889 shares during the period. 92.19% of the stock is owned by institutional investors and hedge funds.

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.