Analysts forecast that TEGNA Inc. (NYSE:TGNA) will announce $460.19 million in sales for the current quarter, according to Zacks. Five analysts have provided estimates for TEGNA’s earnings, with the lowest sales estimate coming in at $446.03 million and the highest estimate coming in at $469.85 million. TEGNA reported sales of $860.27 million during the same quarter last year, which indicates a negative year over year growth rate of 46.5%. The firm is expected to report its next earnings results on Wednesday, November 1st.
On average, analysts expect that TEGNA will report full-year sales of $460.19 million for the current financial year, with estimates ranging from $1.88 billion to $1.96 billion. For the next financial year, analysts forecast that the business will report sales of $2.17 billion per share, with estimates ranging from $2.07 billion to $2.22 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover TEGNA.
TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The firm had revenue of $489.36 million for the quarter, compared to the consensus estimate of $486.29 million. During the same quarter in the previous year, the company earned $0.50 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year.
A number of research analysts recently commented on the company. FBR & Co decreased their price target on TEGNA from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Monday, May 15th. ValuEngine lowered TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $16.00 price objective on shares of TEGNA in a research note on Thursday, June 1st. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $16.50 price objective on shares of TEGNA in a research note on Thursday, June 1st. Finally, Benchmark Co. reaffirmed a “buy” rating and issued a $20.00 price objective on shares of TEGNA in a research note on Friday, June 16th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $19.79.
Shares of TEGNA (NYSE:TGNA) traded up 1.82% during midday trading on Tuesday, hitting $12.33. 1,489,092 shares of the stock traded hands. TEGNA has a 1-year low of $11.46 and a 1-year high of $17.06. The company has a market capitalization of $2.65 billion, a P/E ratio of 15.07 and a beta of 1.76. The stock has a 50 day moving average of $13.31 and a 200 day moving average of $14.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 2.31%. The ex-dividend date is Thursday, September 7th. TEGNA’s dividend payout ratio (DPR) is presently 16.97%.
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Hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. acquired a new stake in shares of TEGNA during the first quarter valued at about $131,000. ARS Investment Partners LLC acquired a new stake in shares of TEGNA during the first quarter valued at about $135,000. Synovus Financial Corp boosted its stake in shares of TEGNA by 4.4% during the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after purchasing an additional 438 shares in the last quarter. FNY Partners Fund LP acquired a new stake in shares of TEGNA during the second quarter valued at about $158,000. Finally, Iberiabank Corp acquired a new stake in shares of TEGNA during the second quarter valued at about $170,000. 97.96% of the stock is currently owned by hedge funds and other institutional investors.
TEGNA Company Profile
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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