TEGNA (NYSE:TGNA) Hits New 52-Week Low at $13.36

TEGNA Inc. (NYSE:TGNA) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.36 and last traded at $13.40, with a volume of 1066758 shares changing hands. The stock had previously closed at $13.60.

Wall Street Analysts Forecast Growth

TGNA has been the topic of several analyst reports. Wells Fargo & Company cut their target price on TEGNA from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, February 9th. JPMorgan Chase & Co. decreased their price target on TEGNA from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Friday, March 1st. Finally, Benchmark reduced their target price on TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, March 1st.

TEGNA Price Performance

The business has a 50-day simple moving average of $14.32 and a 200 day simple moving average of $14.86. The stock has a market cap of $2.34 billion, a P/E ratio of 5.96 and a beta of 0.50. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.14.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). TEGNA had a net margin of 16.38% and a return on equity of 12.41%. The company had revenue of $725.80 million during the quarter, compared to the consensus estimate of $750.78 million. During the same quarter last year, the firm posted $0.98 EPS. The company’s quarterly revenue was down 20.9% on a year-over-year basis. On average, analysts forecast that TEGNA Inc. will post 3.05 earnings per share for the current year.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were issued a $0.114 dividend. The ex-dividend date was Thursday, March 7th. This represents a $0.46 annualized dividend and a yield of 3.44%. TEGNA’s payout ratio is currently 20.35%.

Insider Transactions at TEGNA

In other news, CEO David T. Lougee sold 43,750 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the completion of the sale, the chief executive officer now directly owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO David T. Lougee sold 43,750 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $14.70, for a total transaction of $643,125.00. Following the completion of the sale, the chief executive officer now directly owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David T. Lougee sold 150,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $15.21, for a total value of $2,281,500.00. Following the sale, the chief executive officer now directly owns 636,262 shares of the company’s stock, valued at $9,677,545.02. The disclosure for this sale can be found here. Company insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On TEGNA

A number of large investors have recently made changes to their positions in the stock. Belpointe Asset Management LLC boosted its holdings in shares of TEGNA by 189.5% in the first quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock worth $25,000 after acquiring an additional 955 shares during the period. Parallel Advisors LLC boosted its holdings in shares of TEGNA by 142.1% in the fourth quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock worth $26,000 after acquiring an additional 983 shares during the period. CWM LLC boosted its stake in TEGNA by 389.0% during the first quarter. CWM LLC now owns 1,873 shares of the company’s stock valued at $28,000 after buying an additional 1,490 shares during the period. Mascoma Wealth Management LLC purchased a new stake in TEGNA during the third quarter valued at about $33,000. Finally, Covestor Ltd raised its position in TEGNA by 94.3% during the third quarter. Covestor Ltd now owns 2,741 shares of the company’s stock valued at $40,000 after purchasing an additional 1,330 shares in the last quarter. 92.19% of the stock is owned by institutional investors.

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.