TEGNA (TGNA) Announces Quarterly Earnings Results

TEGNA (NYSE:TGNA) announced its earnings results on Thursday. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.37 by $0.03, MarketWatch Earnings reports. The firm had revenue of $539.00 million for the quarter, compared to the consensus estimate of $537.68 million. TEGNA had a net margin of 25.33% and a return on equity of 27.72%. The business’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS.

Shares of NYSE:TGNA traded down $0.06 during midday trading on Friday, hitting $12.46. The stock had a trading volume of 207,724 shares, compared to its average volume of 1,790,313. TEGNA has a 12 month low of $10.00 and a 12 month high of $15.60. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 2.80. The stock has a market capitalization of $2.67 billion, a PE ratio of 11.49, a P/E/G ratio of 0.37 and a beta of 1.50.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 7th will be paid a $0.07 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.28 annualized dividend and a dividend yield of 2.25%. TEGNA’s dividend payout ratio is presently 25.93%.

Large investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. bought a new position in shares of TEGNA in the second quarter valued at $112,000. Trexquant Investment LP bought a new position in shares of TEGNA in the second quarter valued at $115,000. Todd Asset Management LLC bought a new position in shares of TEGNA in the second quarter valued at $115,000. Mengis Capital Management Inc. bought a new position in TEGNA during the third quarter worth $138,000. Finally, Cadence Capital Management LLC bought a new position in TEGNA during the second quarter worth $140,000. 97.52% of the stock is owned by institutional investors and hedge funds.

TGNA has been the subject of several research reports. ValuEngine cut shares of TEGNA from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 17th. Zacks Investment Research cut shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Evercore ISI initiated coverage on shares of TEGNA in a research note on Tuesday, July 31st. They set an “in-line” rating and a $14.00 price target for the company. Royal Bank of Canada reaffirmed a “hold” rating and set a $12.00 price target on shares of TEGNA in a research note on Tuesday, August 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of TEGNA in a research note on Wednesday, August 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. TEGNA presently has an average rating of “Hold” and a consensus target price of $14.50.

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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.

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Earnings History for TEGNA (NYSE:TGNA)

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