TEGNA (NYSE:TGNA) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of TEGNA (NYSE:TGNA) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $13.00 target price on the stock.

According to Zacks, “TEGNA benefits from a stable subscriber base and higher rates. Solid contribution from acquisitions, a continued spike in subscription revenues and strong spending on political advertisements are major drivers. TEGNA’s buyouts of local TV stations that comprise the Big Four affiliates along with aggressive spending on political ads are likely to aid its top line in 2020. Markedly, TEGNA expects subscription revenues to be up at mid-twenties percentage and political revenues to contribute at least $370 million for the full year. However, increasing programming fees are expected to drag margins down in the near term. Further, TEGNA expects coronavirus-led shutdowns and shelter-in-place guidelines to persistently drain non-political advertising revenues in the near term. Shares have underperformed the industry year to date.”

Several other research analysts also recently issued reports on TGNA. Barrington Research restated a buy rating and set a $15.00 price objective on shares of TEGNA in a report on Monday, August 10th. Wells Fargo & Company upgraded shares of TEGNA from an equal weight rating to an overweight rating in a research report on Tuesday, August 11th. Finally, ValuEngine lowered shares of TEGNA from a hold rating to a sell rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $14.86.

NYSE:TGNA opened at $11.74 on Tuesday. The firm’s 50-day moving average is $12.15 and its 200-day moving average is $11.55. TEGNA has a 52-week low of $9.61 and a 52-week high of $18.31. The company has a debt-to-equity ratio of 2.45, a quick ratio of 2.25 and a current ratio of 2.25. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 0.63 and a beta of 1.30.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). TEGNA had a return on equity of 17.43% and a net margin of 9.51%. The company had revenue of $577.60 million for the quarter, compared to the consensus estimate of $571.21 million. During the same quarter in the previous year, the firm posted $0.35 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities analysts predict that TEGNA will post 1.88 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 4th were paid a $0.07 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $0.28 annualized dividend and a dividend yield of 2.39%. TEGNA’s payout ratio is 20.29%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Profund Advisors LLC grew its stake in shares of TEGNA by 10.4% in the 2nd quarter. Profund Advisors LLC now owns 15,042 shares of the company’s stock worth $168,000 after acquiring an additional 1,414 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of TEGNA by 2.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 82,292 shares of the company’s stock worth $917,000 after acquiring an additional 1,981 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of TEGNA by 3.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the company’s stock worth $607,000 after acquiring an additional 2,000 shares in the last quarter. Hall Laurie J Trustee bought a new stake in shares of TEGNA in the 3rd quarter worth $25,000. Finally, Advisor Group Holdings Inc. grew its stake in shares of TEGNA by 16.3% in the 2nd quarter. Advisor Group Holdings Inc. now owns 17,042 shares of the company’s stock worth $191,000 after acquiring an additional 2,390 shares in the last quarter. Hedge funds and other institutional investors own 92.38% 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.

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