TEGNA, Inc. (NYSE: TGNA) was downgraded from a “buy” rating to a “hold” rating in a research report that was published on Wednesday by StockNews.com.
The most recent quarterly earnings report for TEGNA (NYSE: TGNA) was released on November 9, after the market had closed for the day. The company’s quarterly earnings per share came in at $0.65, which was $0.05 less than the $0.72 analysts had anticipated for earnings per share. The company’s quarterly sales came in at $803.11 million, which is significantly lower than the consensus expectation of $842.80 million in sales for the company. TEGNA had a return on equity of 20.22 percent, and the net margin for the company was 17.26 percent. Research experts predict that TEGNA will generate earnings of 2.75 cents per share throughout the fiscal year.
Recently, several significant investors have been buying and selling shares of the company’s stock. These transactions have taken place in recent times. The Bank of New York Mellon Corporation increased the proportion of TEGNA stock owned by 2.7% during the third quarter. Bank of New York Mellon Corp now has 3,068,049 shares of the company’s stock, valued at $63,448,000, after purchasing an additional 79,594 shares during the period in question. These shares have a market value of $63,448,000. Through the third quarter, Aurora Investment Counsel was able to increase the proportion of TEGNA stock owned by 2.5%. Aurora Investment Counsel now directly owns 117,628 shares of the company’s stock, which has a value of $2,433,000 after purchasing an additional 2,853 shares of the company’s stock during the period in question. These 117,628 shares were purchased for a total of $2,853. Toroso Investments LLC was able to increase the proportion of TEGNA stock that is owned by 26.9% over the third quarter. As a result of the acquisition of an additional 5,557 shares during the relevant period, Toroso Investments LLC now directly owns 26,212 shares of the company. Based on today’s trade, the value of these shares is $542,000, making the company’s direct ownership worth $542,000 more. The Teachers Retirement System of Kentucky invested TEGNA greater than $700,00 during the third quarter of this year. The California State Teachers Retirement System bought an additional 3.2 percent of TEGNA stock during the third quarter, bringing the total amount of its shares to 100 percent. The California State Teachers Retirement System now holds 285,306 shares of the company’s stock, currently valued at $5,900,000. This is a result of purchasing an additional 8,731 shares during the period. To the tune of 87.40% of the company’s shares, hedge funds and various other institutional investors are the proud owners.
The first day of trading for TGNA was Wednesday, and the stock opened at $19.86. The price-to-earnings ratio for the stock is currently 8.21, and it has a market value of $4.43 billion. The stock’s beta value is currently 0.66. The ratio of total liabilities to total equity is 1.07; the ratio of current assets to total assets is also 2.71; and the ratio of quick assets to current assets is 2.71. Throughout TEGNA’s existence, the company’s stock price has fluctuated between a 52-week low of $18.54 and a 52-week high of $23.04. The company’s simple moving average over the past fifty days is $20.10, and the company’s simple moving average over the past two hundred days is $20.67.
TEGNA Inc. is a media company that provides companies with a wide range of marketing and advertising products and services, including broadcast advertising. The company owns and operates 47 television stations across 39 distinct regions of the United States. These stations broadcast local programming like news, sports, and entertainment for their respective communities. In addition to advertising on the stations’ websites, tablets, and mobile devices, it also provides local and national non-political advertising, political advertising, production of third-party programming, development of advertising material, and digital marketing services. Digital marketing is one of the additional services provided.
Financial and marketing expert at Entrepreneur.com, covering finance, sales and marketing strategies. Proudly wearing 15 years of direct and managerial experience in intensive Digital Marketing and Financial Analytics.
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