TEGNA (NYSE:TGNA) Coverage Initiated at Cannonball Research
Cannonball Research began coverage on shares of TEGNA (NYSE:TGNA) in a research report released on Wednesday morning, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $17.00 price objective on the stock.
TGNA has been the subject of several other reports. Zacks Investment Research lowered TEGNA from a hold rating to a sell rating and set a $16.00 price objective for the company. in a research note on Wednesday, August 7th. Noble Financial set a $20.00 price objective on TEGNA and gave the stock a buy rating in a research note on Friday, May 10th. Barrington Research reissued a buy rating and set a $18.00 price objective on shares of TEGNA in a research note on Tuesday, August 6th. Benchmark reissued a buy rating and set a $18.00 price objective on shares of TEGNA in a research note on Friday, May 10th. Finally, Wolfe Research raised TEGNA from a market perform rating to an outperform rating in a research note on Monday, August 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $17.14.
TGNA opened at $14.23 on Wednesday. The firm has a market cap of $3.20 billion, a PE ratio of 7.78, a P/E/G ratio of 1.21 and a beta of 1.46. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 2.05. The business has a fifty day simple moving average of $15.05 and a 200-day simple moving average of $14.75. TEGNA has a fifty-two week low of $10.24 and a fifty-two week high of $16.58.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be given a $0.07 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.28 annualized dividend and a dividend yield of 1.97%. TEGNA’s dividend payout ratio (DPR) is presently 15.30%.
Several institutional investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan boosted its position in shares of TEGNA by 1.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 39,900 shares of the company’s stock worth $604,000 after buying an additional 650 shares during the period. Investors Research Corp boosted its position in shares of TEGNA by 4.8% in the second quarter. Investors Research Corp now owns 17,475 shares of the company’s stock worth $265,000 after buying an additional 800 shares during the period. Stone Ridge Asset Management LLC raised its holdings in shares of TEGNA by 2.9% during the second quarter. Stone Ridge Asset Management LLC now owns 42,246 shares of the company’s stock worth $640,000 after acquiring an additional 1,200 shares in the last quarter. US Bancorp DE raised its holdings in shares of TEGNA by 7.2% during the second quarter. US Bancorp DE now owns 18,777 shares of the company’s stock worth $284,000 after acquiring an additional 1,265 shares in the last quarter. Finally, Quantamental Technologies LLC raised its holdings in shares of TEGNA by 8.7% during the first quarter. Quantamental Technologies LLC now owns 20,088 shares of the company’s stock worth $283,000 after acquiring an additional 1,600 shares in the last quarter. 97.48% 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.
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