Zacks: Brokerages Expect TEGNA Inc. (NYSE:TGNA) Will Announce Quarterly Sales of $534.57 Million

Brokerages predict that TEGNA Inc. (NYSE:TGNA) will announce $534.57 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for TEGNA’s earnings, with the highest sales estimate coming in at $536.00 million and the lowest estimate coming in at $533.13 million. TEGNA reported sales of $538.98 million in the same quarter last year, which indicates a negative year-over-year growth rate of 0.8%. The business is expected to announce its next quarterly earnings results on Thursday, November 14th.

According to Zacks, analysts expect that TEGNA will report full year sales of $2.16 billion for the current fiscal year, with estimates ranging from $2.13 billion to $2.17 billion. For the next fiscal year, analysts expect that the company will post sales of $2.55 billion, with estimates ranging from $2.54 billion to $2.55 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover TEGNA.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.03. The business had revenue of $536.90 million for the quarter, compared to the consensus estimate of $534.10 million. TEGNA had a net margin of 18.24% and a return on equity of 28.43%. TEGNA’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $0.36 earnings per share.

Several research analysts recently commented on the company. Stephens cut TEGNA from an “overweight” rating to an “equal” rating and reduced their target price for the stock from $19.00 to $17.00 in a research report on Tuesday, June 11th. Barrington Research reaffirmed a “buy” rating and issued a $18.00 target price on shares of TEGNA in a research report on Tuesday, August 6th. Noble Financial set a $20.00 target price on TEGNA and gave the stock a “buy” rating in a research report on Friday, May 10th. Benchmark reaffirmed a “buy” rating and issued a $18.00 target price on shares of TEGNA in a research report on Friday, May 10th. Finally, ValuEngine cut TEGNA from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $17.17.

TGNA stock traded up $1.39 during midday trading on Thursday, hitting $15.00. The stock had a trading volume of 4,337,200 shares, compared to its average volume of 2,281,569. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 8.20, a P/E/G ratio of 1.07 and a beta of 1.46. TEGNA has a 52 week low of $10.24 and a 52 week high of $16.57. The stock has a 50-day simple moving average of $15.08 and a 200 day simple moving average of $14.67. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 2.05.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be issued a dividend of $0.07 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.87%. TEGNA’s payout ratio is presently 15.30%.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Standard General L.P. acquired a new position in shares of TEGNA during the 2nd quarter worth about $134,378,000. UBS Group AG grew its position in shares of TEGNA by 4,704.6% during the 2nd quarter. UBS Group AG now owns 4,435,213 shares of the company’s stock worth $67,193,000 after buying an additional 4,342,901 shares during the period. Phocas Financial Corp. acquired a new position in shares of TEGNA during the 2nd quarter worth about $41,639,000. Amundi Pioneer Asset Management Inc. grew its position in shares of TEGNA by 142.9% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 124,401 shares of the company’s stock worth $1,884,000 after buying an additional 73,180 shares during the period. Finally, Susquehanna Fundamental Investments LLC grew its position in shares of TEGNA by 138.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 114,186 shares of the company’s stock worth $1,730,000 after buying an additional 66,300 shares during the period. 96.76% of the stock is owned by institutional investors.

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.

Further Reading: Google Finance

Get a free copy of the Zacks research report on TEGNA (TGNA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for TEGNA (NYSE:TGNA)

Receive News & Ratings for TEGNA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TEGNA and related companies with MarketBeat.com's FREE daily email newsletter.