JPMorgan Chase & Co. Boosts TEGNA (NYSE:TGNA) Price Target to $19.00

TEGNA (NYSE:TGNA) had its price objective increased by JPMorgan Chase & Co. from $16.00 to $19.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Separately, Benchmark raised their price target on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 8th.

TEGNA Stock Down 2.6 %

Shares of TEGNA stock opened at $17.64 on Tuesday. The business has a 50-day moving average price of $16.05 and a 200 day moving average price of $14.95. TEGNA has a fifty-two week low of $12.35 and a fifty-two week high of $19.62. The firm has a market cap of $2.84 billion, a P/E ratio of 6.23 and a beta of 0.49. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The business had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. During the same period in the previous year, the business earned $0.39 EPS. The business’s quarterly revenue was up 13.1% on a year-over-year basis. On average, sell-side analysts forecast that TEGNA will post 3.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the sale, the chief operating officer now owns 154,617 shares of the company’s stock, valued at approximately $2,535,718.80. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.88% of the stock is owned by company insiders.

Institutional Trading of TEGNA

Large investors have recently added to or reduced their stakes in the business. Seven Eight Capital LP acquired a new position in shares of TEGNA during the first quarter valued at approximately $2,526,000. Dimensional Fund Advisors LP increased its position in shares of TEGNA by 1.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after purchasing an additional 141,638 shares during the period. Capital Management Corp VA raised its stake in shares of TEGNA by 30.3% in the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after buying an additional 168,667 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of TEGNA by 9,100.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock valued at $2,749,000 after buying an additional 182,000 shares during the period. Finally, SG Americas Securities LLC bought a new position in TEGNA during the third quarter valued at about $626,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

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.