TEGNA (NYSE:TGNA) Hits New 12-Month High – Here’s Why

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

Wall Street Analyst Weigh In

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

TEGNA Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.10. The firm’s 50-day moving average price is $14.51 and its 200-day moving average price is $14.43. The stock has a market capitalization of $2.81 billion, a PE ratio of 5.68 and a beta of 0.50.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data 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. The business had revenue of $710.36 million during the quarter, compared to analyst estimates of $715.40 million. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the company earned $0.44 EPS. On average, equities analysts forecast that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, September 6th. TEGNA’s dividend payout ratio (DPR) is 17.48%.

Insider Activity

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction dated 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 directly owns 179,617 shares in the company, valued at approximately $2,493,083.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TGNA. Creative Planning raised its holdings in shares of TEGNA by 10.8% in the 3rd quarter. Creative Planning now owns 53,240 shares of the company’s stock valued at $840,000 after purchasing an additional 5,192 shares in the last quarter. CWM LLC lifted its holdings in TEGNA by 1,293.2% during the third quarter. CWM LLC now owns 64,283 shares of the company’s stock worth $1,014,000 after buying an additional 59,669 shares during the period. SG Americas Securities LLC bought a new stake in TEGNA during the 3rd quarter valued at $626,000. Sanctuary Advisors LLC purchased a new position in shares of TEGNA in the 2nd quarter valued at $227,000. Finally, Kestra Investment Management LLC bought a new position in shares of TEGNA in the 2nd quarter worth $239,000. Institutional investors own 92.19% of the company’s stock.

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.