TEGNA (NYSE:TGNA) Raised to Overweight at Wells Fargo & Company

TEGNA (NYSE:TGNA) was upgraded by equities research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday, MarketBeat reports. The brokerage currently has a $23.00 target price on the stock, up from their previous target price of $21.00. Wells Fargo & Company‘s price objective indicates a potential upside of 25.00% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Benchmark lifted their price objective on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. raised their price objective on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th.

TEGNA Price Performance

TGNA stock opened at $18.40 on Thursday. The stock has a market cap of $2.96 billion, a PE ratio of 6.50 and a beta of 0.52. TEGNA has a 12 month low of $12.35 and a 12 month high of $19.62. The company has a 50-day moving average price of $17.77 and a 200 day moving average price of $15.61. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

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

Insider Transactions at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the sale, the chief operating officer now owns 154,617 shares of the company’s stock, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On TEGNA

Several institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. increased its position in shares of TEGNA by 2,898.4% during the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock worth $170,521,000 after purchasing an additional 10,445,739 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after buying an additional 141,638 shares during the last quarter. State Street Corp boosted its holdings in TEGNA by 3.5% in the third quarter. State Street Corp now owns 8,194,619 shares of the company’s stock worth $129,991,000 after acquiring an additional 276,699 shares in the last quarter. LSV Asset Management grew its stake in shares of TEGNA by 29.5% during the second quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock worth $111,862,000 after acquiring an additional 1,827,471 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of TEGNA by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock valued at $77,422,000 after acquiring an additional 238,696 shares in the last quarter. 92.19% of the stock is currently 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.