TEGNA (NYSE:TGNA) Hits New 1-Year High – Here’s Why

TEGNA Inc. (NYSE:TGNA)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $16.63 and last traded at $16.58, with a volume of 94209 shares changing hands. The stock had previously closed at $16.25.

Analysts Set New Price Targets

Separately, Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of TEGNA in a research note on Thursday, August 8th.

TEGNA Trading Up 0.7 %

The stock has a market cap of $2.83 billion, a P/E ratio of 5.83 and a beta of 0.50. The stock’s 50-day moving average is $14.59 and its two-hundred day moving average is $14.45. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58.

TEGNA (NYSE:TGNA) last issued its earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. The firm had revenue of $710.36 million for the quarter, compared to analysts’ expectations of $715.40 million. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The business’s revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 earnings per share. Equities research analysts anticipate that TEGNA Inc. will post 3.07 EPS for the current year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Friday, September 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.48%.

Insider Buying and Selling

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total transaction of $347,000.00. Following the completion of the transaction, the chief operating officer now owns 179,617 shares in the company, valued at $2,493,083.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TEGNA

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TGNA. Miller Howard Investments Inc. NY increased its position in shares of TEGNA by 1.8% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 42,031 shares of the company’s stock valued at $586,000 after purchasing an additional 726 shares during the last quarter. Wasatch Advisors LP increased its position in TEGNA by 2.1% during the first quarter. Wasatch Advisors LP now owns 37,970 shares of the company’s stock valued at $567,000 after acquiring an additional 771 shares during the last quarter. Manchester Financial Inc. lifted its holdings in shares of TEGNA by 0.9% in the 2nd quarter. Manchester Financial Inc. now owns 118,202 shares of the company’s stock worth $1,648,000 after acquiring an additional 1,047 shares during the last quarter. O Keefe Stevens Advisory Inc. lifted its holdings in shares of TEGNA by 7.4% in the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 16,024 shares of the company’s stock worth $223,000 after acquiring an additional 1,099 shares during the last quarter. Finally, State of Michigan Retirement System grew its holdings in TEGNA by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 48,371 shares of the company’s stock valued at $723,000 after purchasing an additional 1,100 shares during the last quarter. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

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.