Tegna (TGNA) Downgraded by Zacks Investment Research to Hold

Tegna (NYSE:TGNA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “TEGNA reported strong fourth-quarter 2017 results aided by the buyout of Midwest Television's broadcasting stations, sale of CareerBuilder and spin-off of Cars.com. Moreover, in the quarter under review, TEGNA reported a one-time deferred tax benefit of $221 million, from the new tax law passed. For first-quarter 2018, the company also expects total revenues (excluding the terminated digital business) to increase by 10-12% year over year driven by Olympics, Super Bowl and subscription revenue growth. However, TEGNA’s operation in a competitive broadcast TV industry remains a concern. The U.S. broadcast TV industry has long been grappling with declining advertising revenues and global economic volatility. In fact, in the past six months, the stock price soared 7.2% but failed to beat the industry’s gain of 25.3%.”

TGNA has been the subject of several other reports. Barclays set a $12.00 price target on Tegna and gave the company a “sell” rating in a research report on Sunday, March 4th. ValuEngine cut Tegna from a “buy” rating to a “hold” rating in a research report on Thursday, March 1st. Noble Financial reiterated a “buy” rating on shares of Tegna in a research report on Friday, March 2nd. Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Tegna in a research report on Thursday, February 22nd. Finally, Wells Fargo & Co upgraded Tegna from a “market perform” rating to an “outperform” rating and set a $19.00 price target for the company in a research report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Tegna presently has an average rating of “Hold” and a consensus price target of $15.63.

Shares of Tegna (TGNA) traded down $0.03 on Tuesday, hitting $12.89. The company’s stock had a trading volume of 690,440 shares, compared to its average volume of 2,178,997. The company has a market capitalization of $2,774.81, a price-to-earnings ratio of 6.05, a PEG ratio of 6.12 and a beta of 1.55. The company has a debt-to-equity ratio of 3.02, a quick ratio of 1.96 and a current ratio of 1.96. Tegna has a 52-week low of $11.59 and a 52-week high of $16.88.

Tegna (NYSE:TGNA) last issued its earnings results on Thursday, March 1st. The company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.01. The firm had revenue of $480.45 million for the quarter, compared to analyst estimates of $491.79 million. Tegna had a return on equity of 19.56% and a net margin of 20.74%. The business’s revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. equities analysts forecast that Tegna will post 1.71 EPS for the current year.

In other news, COO Lynn B. Trelstad sold 3,112 shares of Tegna stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $12.85, for a total value of $39,989.20. Following the completion of the transaction, the chief operating officer now directly owns 24,152 shares in the company, valued at $310,353.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.81% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of TGNA. Evercore Trust Company N.A. purchased a new position in Tegna during the third quarter worth about $56,674,000. Schroder Investment Management Group grew its position in Tegna by 104.7% during the fourth quarter. Schroder Investment Management Group now owns 7,802,625 shares of the company’s stock worth $109,861,000 after buying an additional 3,991,060 shares in the last quarter. Ariel Investments LLC grew its position in Tegna by 22.9% during the fourth quarter. Ariel Investments LLC now owns 7,500,773 shares of the company’s stock worth $105,611,000 after buying an additional 1,395,820 shares in the last quarter. Fairpointe Capital LLC grew its position in Tegna by 10.9% during the fourth quarter. Fairpointe Capital LLC now owns 11,373,812 shares of the company’s stock worth $160,143,000 after buying an additional 1,119,057 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its position in Tegna by 1,224.1% during the fourth quarter. Allianz Asset Management GmbH now owns 906,891 shares of the company’s stock worth $12,769,000 after buying an additional 838,402 shares in the last quarter. Institutional investors and hedge funds own 99.91% of the company’s stock.

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About Tegna

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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