JPMorgan Chase & Co. cut shares of Tegna Inc. (NYSE:TGNA) from an overweight rating to a neutral rating in a report published on Wednesday morning. JPMorgan Chase & Co. currently has $23.00 price objective on the stock. The analysts noted that the move was a valuation call.
A number of other equities research analysts have also issued reports on TGNA. FBR & Co decreased their target price on shares of Tegna from $25.00 to $24.00 and set a mkt perform rating for the company in a research note on Wednesday, July 27th. Jefferies Group cut their price target on shares of Tegna from $26.00 to $25.00 and set a hold rating on the stock in a report on Wednesday, July 27th. Argus restated a buy rating and set a $33.00 price target on shares of Tegna in a report on Saturday, August 13th. Benchmark Co. assumed coverage on shares of Tegna in a report on Friday, August 19th. They set a buy rating and a $26.00 price target on the stock. Finally, TheStreet downgraded shares of Tegna from a buy rating to a hold rating in a report on Monday, August 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $25.63.
Tegna (NYSE:TGNA) opened at 22.28 on Wednesday. The company has a market cap of $4.78 billion, a PE ratio of 11.04 and a beta of 1.66. Tegna has a 12 month low of $17.91 and a 12 month high of $28.95. The stock’s 50 day moving average is $20.53 and its 200 day moving average is $21.72.
Tegna (NYSE:TGNA) last issued its earnings results on Wednesday, November 2nd. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. The company earned $860.27 million during the quarter, compared to analyst estimates of $871.27 million. Tegna had a net margin of 14.33% and a return on equity of 19.14%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. Equities analysts predict that Tegna will post $2.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, December 7th. This represents a $0.56 annualized dividend and a dividend yield of 2.51%. Tegna’s payout ratio is 26.67%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Boston Partners increased its position in 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 last quarter. Victory Capital Management Inc. increased its position in Tegna by 47.9% in the third quarter. Victory Capital Management Inc. now owns 5,939,808 shares of the company’s stock valued at $129,844,000 after buying an additional 1,923,809 shares during the last quarter. Kleinwort Benson Investors Dublin Ltd bought a new position in Tegna during the second quarter valued at about $34,953,000. Dimensional Fund Advisors LP increased its position in Tegna by 23.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,470,207 shares of the company’s stock valued at $103,561,000 after buying an additional 850,354 shares during the last quarter. Finally, Morgan Stanley increased its position in Tegna by 229.7% in the third quarter. Morgan Stanley now owns 1,184,296 shares of the company’s stock valued at $25,888,000 after buying an additional 825,044 shares during the last quarter. Institutional investors own 85.93% of the company’s stock.