TEGNA Inc. (NYSE:TGNA) was the recipient of a large 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 shares of the company are short sold. Based on an average daily volume of 3,911,660 shares, the days-to-cover ratio is presently 5.4 days.
Large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in TEGNA by 3,145.3% in the first quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock valued at $340,917,000 after buying an additional 12,896,690 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in 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 last quarter. Norges Bank bought a new stake in TEGNA during the fourth quarter valued at about $49,159,000. Vaughan Nelson Investment Management L.P. bought a new stake in TEGNA during the second quarter valued at about $24,986,000. Finally, Renaissance Technologies LLC raised its stake in TEGNA by 1,523.6% in the first quarter. Renaissance Technologies LLC now owns 1,813,600 shares of the company’s stock valued at $46,464,000 after buying an additional 1,701,900 shares during the last quarter. 86.66% of the stock is owned by institutional investors and hedge funds.
TGNA has been the subject of a number of recent analyst reports. TheStreet lowered TEGNA from a “b” rating to a “c+” rating in a report on Thursday, July 13th. FBR & Co downgraded 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. Jefferies Group LLC restated a “hold” rating and issued a $16.00 target price on shares of TEGNA in a research report on Thursday, June 1st. Barclays PLC restated an “underweight” rating and issued a $13.00 target price (down previously from $20.00) on shares of TEGNA in a research report on Monday, June 5th. Finally, Wells Fargo & Company restated an “outperform” rating and issued a $16.50 target price on shares of TEGNA in a research report on Thursday, June 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. TEGNA presently has a consensus rating of “Hold” and an average price target of $21.69.
TEGNA (NYSE:TGNA) opened at 15.35 on Monday. The stock’s 50 day moving average price is $14.68 and its 200 day moving average price is $21.53. TEGNA has a 1-year low of $14.02 and a 1-year high of $26.65. The stock has a market capitalization of $3.30 billion, a PE ratio of 8.20 and a beta of 1.74.
TEGNA (NYSE:TGNA) last released its quarterly earnings results on Tuesday, May 9th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. The business had revenue of $778.50 million during the quarter, compared to analysts’ expectations of $799.54 million. TEGNA had a return on equity of 19.16% and a net margin of 12.25%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, equities research analysts predict that TEGNA will post $1.22 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Thursday, September 7th. TEGNA’s payout ratio is 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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