Stocks of TEGNA Inc. (NYSE:TGNA) traded higher last session on Wall Street, up 3.04% to $16.27.
TGNA stock price is now -1.31% away from the 50-day moving average and -7.36% away from the 200-day moving average. The market capitalization of the company currently stands at $3.33B.
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With the price target maintained at $24, Wells Fargo recently Downgraded its rating from Overweight to Equal Weight for TEGNA Inc. (NYSE: TGNA).
In other news, Trelstad Lynn B., EVP and COO, Media Operations sold 30,000 shares of the company’s stock on Aug 30. The stock was sold for $497,100 at an average price of $16.57. Upon completion of the transaction, the EVP and COO, Media Operations now directly owns 181,881 shares in the company, valued at $2.96 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 30, EVP and COO, Media Operations Trelstad Lynn B. sold 6,591 shares of the business’s stock. A total of $109,740 was realized by selling the stock at an average price of $16.65. This leaves the insider owning 22,043 shares of the company worth $0.36 million. Insiders disposed of 335,687 shares of company stock worth roughly $5.46 million over the past 1 year. A total of 1.06% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in TGNA stock. A new stake in TEGNA Inc. shares was purchased by MACQUARIE GROUP LTD during the first quarter worth $53,777,000. STIFEL FINANCIAL CORP invested $7,900,000 in shares of TGNA during the first quarter. In the first quarter, EA SERIES TRUST acquired a new stake in TEGNA Inc. valued at approximately $6,734,000. DAVIDSON KEMPNER CAPITAL MANAGEMENT LP acquired a new stake in TGNA for approximately $5,960,000. HRT FINANCIAL LP purchased a new stake in TGNA valued at around $4,620,000 in the second quarter. In total, there are 480 active investors with 91.00% ownership of the company’s stock.
Thursday’s opening bell rang with an opening price of $15.97 for TEGNA Inc. (NYSE: TGNA). During the past 12 months, TEGNA Inc. has had a low of $14.91 and a high of $22.29. As of last week, the company has a debt-to-equity ratio of 1.06, a current ratio of 3.40, and a quick ratio of 3.40. According to the stock market information, the enterprise value for the company is $5.84B, which is based on a 5.43 price-to-earnings ratio, a 0.54 price-to-earnings-growth ratio, and a beta of 0.62. The fifty day moving average price for TGNA is $16.49 and a two-hundred day moving average price translates $17.55 for the stock.
The latest earnings results from TEGNA Inc. (NYSE: TGNA) was released for Jun, 2023. According to the Broadcasting Company, earnings per share came in at $0.44, beating analysts’ expectations of $0.43 by 0.01. This compares to $0.59 EPS in the same period last year. The net profit margin was 20.90% and return on equity was 22.20% for TGNA. The company reported revenue of $731.51 million for the quarter, compared to $784.88 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -6.8 percent. For the current quarter, analysts expect TGNA to generate $717.94M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 10/02/2023. Investors who held shares on 09/08/2023 were paid a $0.11375 dividend. On an annualized basis, this represents a $0.46 dividend and a 2.80% percent yield. There was an ex-dividend date of 09/07/2023 for this dividend. In terms of dividend payout ratio, TGNA is presently at 12.60%.
TEGNA Inc.(TGNA) Company Profile
TEGNA Inc. operates as a media company in the United States. The company operates television stations that deliver television programming and digital content. It offers news content to consumers across various platforms, including online, mobile, connected television, and social platforms; owns and operates multicast networks under the names True Crime Network, Quest, and Twist that offer on-demand episodes of shows; and operates VAULT Studios, which provides true crime and investigative content in the form of podcasts and original television programs. In addition, the company provides solutions for advertisers through TEGNA Marketing Solutions (TMS). TMS delivers results for advertisers across television and digital platforms, as well as over-the-top (OTT) platforms, including Premion OTT advertising network. It operates 64 television stations in 51 markets. TEGNA Inc. was founded in 1906 and is headquartered in Tysons, Virginia.
