Guggenheim Reiterates Buy Rating for TEGNA (NYSE:TGNA)

TEGNA (NYSE:TGNA)‘s stock had its “buy” rating reaffirmed by equities research analysts at Guggenheim in a report issued on Friday,Benzinga reports. They currently have a $22.00 price objective on the stock. Guggenheim’s target price would indicate a potential upside of 20.71% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Benchmark raised their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. 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 report on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $21.75.

TEGNA Stock Performance

Shares of TEGNA stock opened at $18.23 on Friday. TEGNA has a 1-year low of $12.35 and a 1-year high of $19.62. The company has a market cap of $2.94 billion, a PE ratio of 6.44 and a beta of 0.52. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a 50 day moving average of $18.39 and a 200-day moving average of $16.43.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The firm had revenue of $806.83 million for the quarter, compared to the consensus estimate of $795.72 million. During the same quarter last year, the business posted $0.39 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts forecast that TEGNA will post 3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in shares of TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after acquiring an additional 757 shares during the last quarter. US Bancorp DE raised its holdings in TEGNA by 20.4% during the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after purchasing an additional 764 shares during the last quarter. Sanctuary Advisors LLC lifted its position in shares of TEGNA by 7.4% in the 3rd quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock worth $284,000 after purchasing an additional 1,239 shares during the period. Covestor Ltd boosted its stake in shares of TEGNA by 20.8% in the 3rd quarter. Covestor Ltd now owns 8,852 shares of the company’s stock valued at $140,000 after purchasing an additional 1,525 shares during the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of TEGNA during the third quarter worth $28,000. 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.