TEGNA Inc. (TGNA) Expected to Post Earnings of $0.22 Per Share
Equities research analysts forecast that TEGNA Inc. (NYSE:TGNA) will post earnings per share (EPS) of $0.22 for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for TEGNA’s earnings. The lowest EPS estimate is $0.17 and the highest is $0.27. TEGNA posted earnings per share of $0.65 in the same quarter last year, which indicates a negative year-over-year growth rate of 66.2%. The company is scheduled to report its next quarterly earnings results before the market opens on Wednesday, November 8th.
Zacks’ earnings per share calculations are a mean average based on a survey of analysts that follow TEGNA.
TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. The company had revenue of $489.36 million during the quarter, compared to analysts’ expectations of $486.29 million. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. TEGNA’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 earnings per share.
A number of analysts have commented on the company. FBR & Co reaffirmed a “hold” rating and set a $15.00 price target on shares of TEGNA in a research report on Wednesday, September 20th. ValuEngine raised TEGNA from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. BidaskClub cut TEGNA from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a research report on Thursday, August 3rd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $14.00 price target (down previously from $16.00) on shares of TEGNA in a research report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. TEGNA has an average rating of “Hold” and a consensus price target of $18.44.
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Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of TEGNA in the 1st quarter valued at about $131,000. Chemung Canal Trust Co. acquired a new position in shares of TEGNA in the 1st quarter valued at about $224,000. Jane Street Group LLC acquired a new position in shares of TEGNA in the 1st quarter valued at about $235,000. Synovus Financial Corp lifted its holdings in shares of TEGNA by 4.4% in the 2nd quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after buying an additional 438 shares during the period. Finally, FNY Partners Fund LP acquired a new position in shares of TEGNA in the 2nd quarter valued at about $158,000. 97.92% of the stock is owned by institutional investors and hedge funds.
TEGNA (NYSE:TGNA) traded up 1.25% during mid-day trading on Tuesday, reaching $12.91. The company had a trading volume of 492,312 shares. The firm has a market capitalization of $2.78 billion, a PE ratio of 15.78 and a beta of 1.73. The stock’s 50-day moving average price is $12.76 and its 200 day moving average price is $14.25. TEGNA has a 52 week low of $11.46 and a 52 week high of $17.06.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were issued a $0.07 dividend. The ex-dividend date was Thursday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.20%. TEGNA’s dividend payout ratio (DPR) is presently 16.97%.
TEGNA declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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.
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