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

TEGNA Inc. (NYSE:TGNA) shares hit a new 52-week high on Wednesday . The company traded as high as $17.07 and last traded at $17.07, with a volume of 118855 shares trading hands. The stock had previously closed at $16.55.

Analyst Ratings Changes

Separately, Benchmark reissued a “buy” rating and set a $21.00 price target on shares of TEGNA in a report on Thursday, August 8th.

TEGNA Stock Performance

The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $2.85 billion, a P/E ratio of 5.79 and a beta of 0.50. The business’s 50-day moving average price is $15.08 and its 200-day moving average price is $14.60.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The business had revenue of $710.36 million during the quarter, compared to analyst estimates of $715.40 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. TEGNA’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, sell-side analysts expect that TEGNA Inc. will post 3.07 earnings per share for the current fiscal year.

Insider Buying and Selling at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA 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 transaction, the chief operating officer now owns 179,617 shares in the company, valued at approximately $2,493,083.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 50,016 shares of company stock valued at $757,218 over the last 90 days. 0.88% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TGNA. Miller Howard Investments Inc. NY grew its position in shares of TEGNA by 1.8% during the second 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 in the last quarter. US Bancorp DE grew its holdings in TEGNA by 20.4% during the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after buying an additional 764 shares in the last quarter. Wasatch Advisors LP grew its holdings in TEGNA by 2.1% during the 1st quarter. Wasatch Advisors LP now owns 37,970 shares of the company’s stock valued at $567,000 after buying an additional 771 shares in the last quarter. Manchester Financial Inc. increased its stake in 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. Finally, O Keefe Stevens Advisory Inc. raised its holdings in shares of TEGNA by 7.4% during 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 in the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

About TEGNA

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.