Tegna Inc. (NYSE:TGNA) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 6,602,637 shares, a decline of 31.9% from the August 15th total of 9,690,580 shares. Approximately 3.1% of the shares of the company are sold short. Based on an average daily volume of 1,538,832 shares, the days-to-cover ratio is currently 4.3 days.
Shares of Tegna (NYSE:TGNA) opened at 21.32 on Friday. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 11.51 and a beta of 1.77. The firm’s 50-day moving average is $21.11 and its 200-day moving average is $22.62. Tegna has a 12-month low of $20.10 and a 12-month high of $28.95.
Tegna (NYSE:TGNA) last issued its earnings results on Tuesday, July 26th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The firm earned $811.79 million during the quarter, compared to analyst estimates of $814.56 million. Tegna had a net margin of 13.69% and a return on equity of 17.02%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the business earned $0.30 earnings per share. On average, equities analysts predict that Tegna will post $2.33 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.56 dividend on an annualized basis and a yield of 2.63%. Tegna’s dividend payout ratio is presently 28.72%.
A number of institutional investors have recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Tegna during the second quarter worth $204,000. Kentucky Retirement Systems acquired a new position in shares of Tegna during the second quarter worth $429,000. Mason Street Advisors LLC acquired a new position in shares of Tegna during the second quarter worth $679,000. Public Employees Retirement System of Ohio raised its position in shares of Tegna by 9.9% in the second quarter. Public Employees Retirement System of Ohio now owns 1,150,804 shares of the company’s stock worth $26,664,000 after buying an additional 103,457 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Tegna by 5.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 887,991 shares of the company’s stock worth $20,575,000 after buying an additional 46,651 shares in the last quarter. Hedge funds and other institutional investors own 87.80% of the company’s stock.
TGNA has been the subject of several analyst reports. Benchmark Co. initiated coverage on shares of Tegna in a research report on Friday, August 19th. They issued a “buy” rating and a $26.00 target price for the company. Jefferies Group dropped their target price on shares of Tegna from $26.00 to $25.00 and set a “hold” rating for the company in a research report on Wednesday, July 27th. FBR & Co restated a “hold” rating and issued a $24.00 target price on shares of Tegna in a research report on Thursday, September 8th. TheStreet cut shares of Tegna from a “buy” rating to a “hold” rating in a research report on Monday, August 22nd. Finally, Zacks Investment Research cut shares of Tegna from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $26.88.
Tegna Company Profile
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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