JPMorgan Chase & Co. Lowers TEGNA (NYSE:TGNA) Price Target to $18.00

TEGNA (NYSE:TGNA - Get Free Report) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $19.00 to $18.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 5.54% from the company's previous close.

Several other research firms have also recently issued reports on TGNA. Benchmark lowered their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. StockNews.com lowered TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Wells Fargo & Company reduced their price objective on TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, Guggenheim upped their target price on shares of TEGNA from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.25.

TEGNA Price Performance

TGNA stock traded down $0.27 during mid-day trading on Wednesday, reaching $17.06. 148,176 shares of the company's stock were exchanged, compared to its average volume of 1,611,425. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. TEGNA has a 12-month low of $12.35 and a 12-month high of $19.62. The stock's 50 day moving average is $17.01 and its 200 day moving average is $17.77. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 6.03 and a beta of 0.31.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.03. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm had revenue of $680.05 million for the quarter, compared to analysts' expectations of $677.24 million. During the same quarter last year, the company earned $0.45 EPS. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. On average, research analysts expect that TEGNA will post 3.02 EPS for the current year.

Hedge Funds Weigh In On TEGNA

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TGNA. EMC Capital Management raised its holdings in shares of TEGNA by 648.8% during the 4th quarter. EMC Capital Management now owns 20,346 shares of the company's stock worth $372,000 after acquiring an additional 17,629 shares during the period. Charles Schwab Investment Management Inc. increased its position in TEGNA by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company's stock worth $34,260,000 after purchasing an additional 93,894 shares during the last quarter. Guidance Capital Inc. acquired a new stake in TEGNA during the fourth quarter worth about $476,000. Jennison Associates LLC purchased a new position in TEGNA during the fourth quarter worth about $550,000. Finally, Whitebox Advisors LLC boosted its holdings in TEGNA by 459.6% in the 4th quarter. Whitebox Advisors LLC now owns 142,703 shares of the company's stock valued at $2,610,000 after purchasing an additional 117,203 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

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.

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