TEGNA Inc. (NYSE:TGNA – Get Rating) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 6,680,000 shares, a decrease of 28.2% from the August 15th total of 9,300,000 shares. Based on an average daily volume of 1,010,000 shares, the days-to-cover ratio is presently 6.6 days.
TEGNA Stock Performance
NYSE TGNA traded up $0.14 during mid-day trading on Friday, reaching $21.68. 1,578,122 shares of the stock were exchanged, compared to its average volume of 809,961. The business's 50 day moving average is $21.19 and its 200-day moving average is $21.55. TEGNA has a 1 year low of $17.94 and a 1 year high of $23.04. The company has a market capitalization of $4.84 billion, a P/E ratio of 9.23 and a beta of 0.78. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.39 and a current ratio of 2.39.
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TEGNA (NYSE:TGNA – Get Rating) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.04. TEGNA had a net margin of 16.94% and a return on equity of 20.18%. The firm had revenue of $784.90 million for the quarter, compared to the consensus estimate of $800.78 million. During the same period in the prior year, the firm posted $0.50 earnings per share. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts forecast that TEGNA will post 3 EPS for the current fiscal year.
TEGNA Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Thursday, September 8th. TEGNA's dividend payout ratio (DPR) is presently 16.17%.
Institutional Trading of TEGNA
A number of hedge funds have recently added to or reduced their stakes in TGNA. Heritage Financial Services LLC acquired a new position in TEGNA during the second quarter worth $26,000. Prospera Financial Services Inc acquired a new position in TEGNA during the first quarter worth $29,000. Steward Financial Group LLC acquired a new position in TEGNA during the first quarter worth $33,000. Covestor Ltd acquired a new position in TEGNA during the fourth quarter worth $34,000. Finally, Exchange Traded Concepts LLC raised its position in TEGNA by 71.9% during the second quarter. Exchange Traded Concepts LLC now owns 1,781 shares of the company's stock worth $37,000 after acquiring an additional 745 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have issued reports on the stock. StockNews.com upgraded shares of TEGNA from a "hold" rating to a "buy" rating in a research note on Monday, September 12th. Huber Research raised shares of TEGNA from an "underweight" rating to an "overweight" rating in a report on Monday, June 6th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $23.50.
About TEGNA
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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.
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