Guggenheim Cuts TEGNA (NYSE:TGNA) Price Target to $21.00

TEGNA (NYSE:TGNA - Get Free Report) had its price objective reduced by analysts at Guggenheim from $22.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Guggenheim's target price indicates a potential upside of 22.70% from the company's current price.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. cut their target price on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Wells Fargo & Company lowered their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Benchmark reduced their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, TEGNA has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

TEGNA Price Performance

Shares of TGNA traded up $0.19 during trading hours on Wednesday, hitting $17.12. 1,268,858 shares of the company were exchanged, compared to its average volume of 1,843,675. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market capitalization of $2.75 billion, a PE ratio of 6.03 and a beta of 0.30. The firm has a fifty day simple moving average of $16.71 and a 200-day simple moving average of $17.41. TEGNA has a one year low of $13.37 and a one year high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.03. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. 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 business posted $0.45 EPS. TEGNA's revenue was down 4.8% on a year-over-year basis. As a group, sell-side analysts predict that TEGNA will post 3.02 earnings per share for the current year.

Institutional Investors Weigh In On TEGNA

Several institutional investors have recently made changes to their positions in the company. Jones Financial Companies Lllp acquired a new stake in shares of TEGNA in the fourth quarter worth about $27,000. Neo Ivy Capital Management acquired a new stake in TEGNA in the 4th quarter worth approximately $28,000. Smartleaf Asset Management LLC boosted its position in TEGNA by 95.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock worth $31,000 after purchasing an additional 832 shares during the period. Tower Research Capital LLC TRC grew its holdings in TEGNA by 80.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock valued at $31,000 after purchasing an additional 749 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of TEGNA in the fourth quarter valued at approximately $32,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

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.