Tegna Inc. (TGNA) Downgraded to “Neutral” at JPMorgan Chase & Co.
Tegna Inc. (NYSE:TGNA) was downgraded by research analysts at JPMorgan Chase & Co. to a “neutral” rating in a research report issued to clients and investors on Wednesday.
TGNA has been the subject of a number of other reports. FBR & Co decreased their price objective on Tegna from $25.00 to $24.00 and set a “mkt perform” rating for the company in a report on Wednesday, July 27th. Wells Fargo & Co. restated a “hold” rating on shares of Tegna in a report on Monday, September 26th. Argus restated a “buy” rating and issued a $33.00 price objective on shares of Tegna in a report on Saturday, August 13th. TheStreet downgraded Tegna from a “buy” rating to a “hold” rating in a report on Monday, August 22nd. Finally, Barclays PLC restated a “sell” rating and issued a $20.00 price objective on shares of Tegna in a report on Thursday, November 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. Tegna presently has an average rating of “Hold” and a consensus price target of $25.63.
Tegna (NYSE:TGNA) opened at 22.62 on Wednesday. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 11.21 and a beta of 1.66. Tegna has a 12-month low of $17.91 and a 12-month high of $28.95. The firm’s 50-day moving average price is $20.51 and its 200 day moving average price is $21.75.
Tegna (NYSE:TGNA) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.07. The company earned $860.27 million during the quarter, compared to the consensus estimate of $871.27 million. Tegna had a net margin of 14.33% and a return on equity of 19.14%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.37 earnings per share. On average, analysts expect that Tegna will post $2.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.48%. Tegna’s dividend payout ratio (DPR) is presently 26.67%.
Several institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its position in Tegna by 44.6% in the third quarter. Advisor Group Inc. now owns 5,436 shares of the company’s stock worth $115,000 after buying an additional 1,676 shares during the period. Virtus Investment Advisers Inc. bought a new position in Tegna during the third quarter worth about $121,000. Fuller & Thaler Asset Management Inc. boosted its position in Tegna by 221.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 6,100 shares of the company’s stock worth $133,000 after buying an additional 4,200 shares during the period. Toronto Dominion Bank boosted its position in Tegna by 440.0% in the third quarter. Toronto Dominion Bank now owns 6,194 shares of the company’s stock worth $135,000 after buying an additional 5,047 shares during the period. Finally, Hussman Strategic Advisors Inc. bought a new position in Tegna during the second quarter worth about $151,000. 87.80% of the stock is currently owned by institutional investors.
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About Tegna TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). Its media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content.
TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). Its media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content.
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