TEGNA (NYSE:TGNA) Sets New 52-Week High – Here’s What Happened

TEGNA Inc. (NYSE:TGNA) hit a new 52-week high on Wednesday . The company traded as high as $17.39 and last traded at $17.13, with a volume of 9160 shares. The stock had previously closed at $16.06.

Analyst Ratings Changes

Separately, Benchmark restated a “buy” rating and issued a $21.00 target price on shares of TEGNA in a report on Thursday, August 8th.

TEGNA Stock Performance

The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a fifty day simple moving average of $15.51 and a two-hundred day simple moving average of $14.75. The firm has a market capitalization of $3.20 billion, a P/E ratio of 7.99 and a beta of 0.49.

TEGNA (NYSE:TGNA) last released its earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $710.36 million for the quarter, compared to the consensus estimate of $715.40 million. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. TEGNA’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 EPS. On average, research analysts predict that TEGNA Inc. will post 3.07 EPS for the current year.

Insider Activity

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now owns 154,617 shares in the company, valued at approximately $2,535,718.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 50,016 shares of company stock worth $757,218. Company insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TGNA. Seven Eight Capital LP bought a new position in TEGNA in the 1st quarter valued at about $2,526,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of TEGNA by 122.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 224,159 shares of the company’s stock valued at $3,564,000 after purchasing an additional 123,249 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of TEGNA by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after buying an additional 141,638 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of TEGNA by 9,100.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock valued at $2,749,000 after buying an additional 182,000 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in TEGNA during the third quarter worth $626,000. 92.19% of the stock is owned by institutional investors.

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.