Tegna Inc. (NYSE:TGNA) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 6,602,637 shares, a decrease of 31.9% from the August 15th total of 9,690,580 shares. Currently, 3.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,538,832 shares, the days-to-cover ratio is presently 4.3 days.
TGNA has been the topic of several research analyst reports. Benchmark Co. initiated coverage on shares of Tegna in a research note on Friday, August 19th. They set a “buy” rating and a $26.00 price objective on the stock. Jefferies Group decreased their price objective on shares of Tegna from $26.00 to $25.00 and set a “hold” rating on the stock in a research note on Wednesday, July 27th. FBR & Co reaffirmed a “hold” rating and set a $24.00 price objective on shares of Tegna in a research note on Thursday, September 8th. TheStreet cut shares of Tegna from a “buy” rating to a “hold” rating in a research note on Monday, August 22nd. Finally, Zacks Investment Research cut shares of Tegna from a “strong-buy” rating to a “hold” rating in a research note 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. Tegna has an average rating of “Hold” and a consensus target price of $26.88.
Tegna (NYSE:TGNA) opened at 21.32 on Friday. Tegna has a one year low of $20.10 and a one year high of $28.95. The company has a 50-day moving average of $21.11 and a 200 day moving average of $22.62. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 11.51 and a beta of 1.77.
Tegna (NYSE:TGNA) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. Tegna had a net margin of 13.69% and a return on equity of 17.02%. The business earned $811.79 million during the quarter, compared to analysts’ expectations of $814.56 million. During the same quarter in the previous year, the company earned $0.30 EPS. The business’s revenue was up 7.3% on a year-over-year basis. On average, analysts anticipate that Tegna will post $2.33 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.63%. The ex-dividend date is Wednesday, September 7th. Tegna’s dividend payout ratio (DPR) is 28.72%.
Hedge funds have recently modified their holdings of the company. Boston Partners boosted its stake in shares of Tegna by 329.5% in the second quarter. Boston Partners now owns 6,697,252 shares of the company’s stock valued at $155,176,000 after buying an additional 5,137,873 shares during the period. Norges Bank acquired a new stake in shares of Tegna during the fourth quarter valued at $55,731,000. Kleinwort Benson Investors Dublin Ltd acquired a new stake in shares of Tegna during the second quarter valued at $34,953,000. Victory Capital Management Inc. boosted its stake in shares of Tegna by 34.3% in the second quarter. Victory Capital Management Inc. now owns 4,015,999 shares of the company’s stock valued at $93,051,000 after buying an additional 1,025,348 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Tegna by 85.4% in the first quarter. Prudential Financial Inc. now owns 2,037,930 shares of the company’s stock valued at $47,810,000 after buying an additional 938,748 shares during the period. Institutional investors and hedge funds own 87.80% of the company’s stock.
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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