TEGNA (NYSE:TGNA) Stock Rating Upgraded by Wells Fargo & Company

TEGNA (NYSE:TGNA) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday, Marketbeat.com reports. The firm presently has a $23.00 price target on the stock, up from their prior price target of $21.00. Wells Fargo & Company‘s price objective suggests a potential upside of 25.00% from the company’s current price.

A number of other equities research analysts have also recently commented on TGNA. Benchmark raised their price objective on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th.

TEGNA Stock Performance

TGNA opened at $18.40 on Thursday. 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 has a 12-month low of $12.35 and a 12-month high of $19.62. The firm has a 50 day moving average of $17.77 and a two-hundred day moving average of $15.61. The firm has a market capitalization of $2.96 billion, a PE ratio of 6.50 and a beta of 0.52.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping 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 company had revenue of $806.83 million for the quarter, compared to the consensus estimate of $795.72 million. During the same period last year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, analysts anticipate that TEGNA will post 3.02 EPS for the current year.

Insider Buying and Selling at TEGNA

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

Institutional Trading of TEGNA

Large investors have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its stake in TEGNA by 26.2% in the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock worth $14,068,000 after purchasing an additional 184,845 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in TEGNA by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after buying an additional 141,638 shares in the last quarter. Capital Management Corp VA grew its holdings in TEGNA by 30.3% in the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock valued at $11,453,000 after buying an additional 168,667 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of TEGNA in the 3rd quarter worth $626,000. Finally, Squarepoint Ops LLC increased its position in TEGNA by 132.9% during the second quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock worth $12,780,000 after purchasing an additional 523,120 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

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.