Benchmark Has Lowered Expectations for TEGNA (NYSE:TGNA) Stock Price

TEGNA (NYSE:TGNA - Get Free Report) had its price target lowered by equities research analysts at Benchmark from $21.00 to $20.00 in a research note issued on Tuesday, MarketBeat reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price target would suggest a potential upside of 17.23% from the company's current price.

A number of other brokerages also recently issued reports on TGNA. StockNews.com downgraded shares of TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Wells Fargo & Company reduced their price target on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, Guggenheim decreased their price objective on shares of TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

TEGNA Stock Performance

NYSE TGNA traded down $0.07 during trading on Tuesday, reaching $17.06. The company's stock had a trading volume of 1,228,613 shares, compared to its average volume of 1,985,513. The firm has a 50 day moving average price of $17.05 and a 200 day moving average price of $17.73. TEGNA has a 12 month low of $12.35 and a 12 month high of $19.62. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 6.03 and a beta of 0.31. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.03. The business had revenue of $680.05 million for the quarter, compared to the consensus estimate of $677.24 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The firm's quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 earnings per share. As a group, equities analysts anticipate that TEGNA will post 3.02 EPS for the current fiscal year.

Institutional Trading of TEGNA

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of TEGNA in the 4th quarter valued at $12,170,000. Deutsche Bank AG raised its position in TEGNA by 383.6% in the first quarter. Deutsche Bank AG now owns 756,941 shares of the company's stock valued at $13,791,000 after purchasing an additional 600,407 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of TEGNA during the fourth quarter valued at about $7,955,000. Voloridge Investment Management LLC bought a new stake in shares of TEGNA during the fourth quarter worth about $5,434,000. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of TEGNA in the first quarter valued at approximately $5,371,000. 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.