TEGNA Inc. (NYSE:TGNA) Sees Large Increase in Short Interest

TEGNA Inc. (NYSE:TGNA) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 21,186,494 shares, an increase of 21.9% from the June 15th total of 17,382,186 shares. Approximately 9.9% of the company’s shares are short sold. Based on an average trading volume of 3,911,660 shares, the short-interest ratio is currently 5.4 days.

Hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new stake in TEGNA during the first quarter worth about $131,000. ARS Investment Partners LLC acquired a new stake in TEGNA during the first quarter worth about $135,000. Iberiabank Corp acquired a new stake in TEGNA during the second quarter worth about $170,000. Ladenburg Thalmann Financial Services Inc. increased its stake in TEGNA by 7.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,552 shares of the company’s stock worth $183,000 after buying an additional 563 shares during the period. Finally, Peak Asset Management LLC acquired a new stake in TEGNA during the first quarter worth about $205,000. 85.89% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have weighed in on TGNA shares. FBR & Co cut shares of TEGNA from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $29.00 to $24.00 in a research report on Wednesday, May 10th. Benchmark Co. reiterated a “buy” rating and set a $20.00 price target on shares of TEGNA in a research report on Friday, June 16th. ValuEngine cut shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research cut shares of TEGNA from a “hold” rating to a “strong sell” rating in a research report on Monday, June 5th. Finally, Barclays PLC reiterated an “underweight” rating and set a $13.00 price target (down from $20.00) on shares of TEGNA in a research report on Monday, June 5th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $23.31.

TEGNA (NYSE:TGNA) opened at 14.51 on Tuesday. TEGNA has a 1-year low of $14.02 and a 1-year high of $26.65. The stock has a 50 day moving average of $18.03 and a 200 day moving average of $22.58. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 7.75 and a beta of 1.74.

TEGNA (NYSE:TGNA) last posted its earnings results on Tuesday, May 9th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.33. The firm had revenue of $778.50 million during the quarter, compared to the consensus estimate of $799.54 million. TEGNA had a net margin of 12.25% and a return on equity of 19.16%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. Equities analysts expect that TEGNA will post $1.22 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Friday, June 9th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Wednesday, June 7th. TEGNA’s dividend payout ratio (DPR) is presently 14.97%.

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About TEGNA

Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.

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