TEGNA (TGNA) Posts Earnings Results, Beats Expectations By $0.02 EPS

TEGNA (NYSE:TGNA) issued its earnings results on Thursday. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02, MarketWatch Earnings reports. The business had revenue of $516.80 million for the quarter, compared to the consensus estimate of $512.45 million. TEGNA had a net margin of 18.18% and a return on equity of 33.72%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 earnings per share.

TGNA stock opened at $16.05 on Friday. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.72 and a quick ratio of 1.72. TEGNA has a one year low of $10.11 and a one year high of $16.57. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 8.77, a P/E/G ratio of 1.17 and a beta of 1.60.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.74%. TEGNA’s dividend payout ratio (DPR) is 15.30%.

In other TEGNA news, Director Neal Shapiro sold 27,613 shares of TEGNA stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $14.72, for a total transaction of $406,463.36. Following the completion of the transaction, the director now directly owns 17,478 shares of the company’s stock, valued at $257,276.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.48% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Dubuque Bank & Trust Co. bought a new stake in shares of TEGNA in the first quarter valued at about $28,000. Advisor Group Inc. increased its position in TEGNA by 138.8% during the first quarter. Advisor Group Inc. now owns 3,825 shares of the company’s stock valued at $54,000 after acquiring an additional 2,223 shares during the last quarter. Advisory Services Network LLC purchased a new stake in TEGNA during the fourth quarter valued at $52,000. First Quadrant L P CA purchased a new stake in TEGNA during the fourth quarter valued at $77,000. Finally, First Hawaiian Bank increased its position in TEGNA by 354.3% during the fourth quarter. First Hawaiian Bank now owns 8,772 shares of the company’s stock valued at $95,000 after acquiring an additional 6,841 shares during the last quarter. 95.64% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts recently weighed in on the stock. Benchmark restated a “buy” rating and set a $18.00 target price on shares of TEGNA in a report on Friday. Zacks Investment Research downgraded shares of TEGNA from a “hold” rating to a “sell” rating in a report on Monday. Evercore ISI upgraded shares of TEGNA from an “in-line” rating to an “outperform” rating in a report on Monday, March 25th. Barrington Research restated a “buy” rating and set a $17.00 target price on shares of TEGNA in a report on Friday, March 8th. Finally, ValuEngine upgraded shares of TEGNA from a “strong sell” rating to a “sell” rating in a report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.69.

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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.

See Also: Special Dividends

Earnings History for TEGNA (NYSE:TGNA)

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