TEGNA Inc. (TGNA) Announces Quarterly Earnings Results

TEGNA Inc. (NYSE:TGNA) posted its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02, Bloomberg Earnings reports. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The business had revenue of $489.36 million for the quarter, compared to analyst estimates of $486.29 million. During the same period last year, the company earned $0.50 EPS. TEGNA’s revenue for the quarter was up 2.6% compared to the same quarter last year.

TEGNA (TGNA) traded down 1.58% during midday trading on Friday, hitting $12.46. The company had a trading volume of 1,975,639 shares. The company has a market capitalization of $2.68 billion, a P/E ratio of 15.23 and a beta of 1.75. TEGNA has a 52 week low of $12.46 and a 52 week high of $26.65. The stock has a 50 day moving average price of $14.10 and a 200 day moving average price of $20.62.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.25%. TEGNA’s dividend payout ratio is presently 16.97%.

Several research firms recently issued reports on TGNA. FBR & Co reduced their price target on TEGNA from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Friday, May 5th. ValuEngine lowered TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Jefferies Group LLC restated a “hold” rating and set a $16.00 price target on shares of TEGNA in a research report on Thursday, June 1st. Wells Fargo & Company reiterated an “outperform” rating and issued a $16.50 price objective on shares of TEGNA in a research report on Thursday, June 1st. Finally, Benchmark Co. reiterated a “buy” rating and issued a $20.00 price objective on shares of TEGNA in a research report on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $19.79.

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A number of hedge funds and other institutional investors have recently made changes to their positions in TGNA. Vanguard Group Inc. boosted its position in shares of TEGNA by 1.1% in the first quarter. Vanguard Group Inc. now owns 21,056,913 shares of the company’s stock valued at $539,479,000 after buying an additional 231,675 shares during the period. BlackRock Inc. boosted its position in shares of TEGNA by 32.2% in the second quarter. BlackRock Inc. now owns 17,593,214 shares of the company’s stock valued at $253,518,000 after buying an additional 4,286,497 shares during the period. Victory Capital Management Inc. boosted its position in shares of TEGNA by 90.5% in the second quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock valued at $185,828,000 after buying an additional 6,127,293 shares during the period. Diamond Hill Capital Management Inc. boosted its position in shares of TEGNA by 31.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock valued at $160,243,000 after buying an additional 2,676,789 shares during the period. Finally, State Street Corp boosted its stake in shares of TEGNA by 1.0% in the first quarter. State Street Corp now owns 9,731,739 shares of the company’s stock valued at $249,313,000 after buying an additional 92,596 shares during the period. 90.09% of the stock is currently owned by institutional investors.

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.

Earnings History for TEGNA (NYSE:TGNA)

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