TEGNA (NYSE:TGNA) Reaches New 12-Month High - Time to Buy?

Key Points

• TEGNA Inc. reached a new 52-week high of $19.76, with a closing price of $19.71 and a trading volume of 2,117,738 shares.
• Analysts have mixed opinions on the stock, with price targets ranging from $18.00 to $22.00, and a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.125 per share, providing a yield of 2.5%, while maintaining a payout ratio of 17.99%.

TEGNA Inc. (NYSE:TGNA - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $19.76 and last traded at $19.71, with a volume of 2117738 shares traded. The stock had previously closed at $15.31.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 21st. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $22.00 price objective (up previously from $21.00) on shares of TEGNA in a report on Sunday. Benchmark lowered their price target on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Guggenheim reduced their price target on shares of TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.25.

TEGNA Stock Up 29.1%

The firm's 50-day moving average price is $16.70 and its 200 day moving average price is $17.11. The firm has a market cap of $3.18 billion, a P/E ratio of 7.11 and a beta of 0.28. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.82.

TEGNA (NYSE:TGNA - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.06. TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The business had revenue of $675.05 million during the quarter, compared to analyst estimates of $673.92 million. During the same period in the prior year, the firm earned $0.50 earnings per share. The firm's revenue was down 5.0% compared to the same quarter last year. As a group, research analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, June 6th. TEGNA's payout ratio is 17.99%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TGNA. LSV Asset Management grew its holdings in TEGNA by 0.4% during the 1st quarter. LSV Asset Management now owns 7,828,750 shares of the company's stock valued at $142,640,000 after buying an additional 32,121 shares in the last quarter. Geode Capital Management LLC grew its stake in TEGNA by 1.7% in the second quarter. Geode Capital Management LLC now owns 5,008,137 shares of the company's stock worth $83,944,000 after purchasing an additional 82,140 shares in the last quarter. Northern Trust Corp boosted its position in TEGNA by 8.3% during the 4th quarter. Northern Trust Corp now owns 2,865,335 shares of the company's stock valued at $52,407,000 after acquiring an additional 219,706 shares in the last quarter. Millennium Management LLC raised its stake in TEGNA by 51.5% in the 1st quarter. Millennium Management LLC now owns 2,548,981 shares of the company's stock worth $46,442,000 after acquiring an additional 866,970 shares during the last quarter. Finally, Boston Partners raised its stake in shares of TEGNA by 1.3% during the 2nd quarter. Boston Partners now owns 2,399,319 shares of the company's stock valued at $40,050,000 after buying an additional 30,229 shares during the last quarter. 92.19% of the stock is 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.

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