Growing Through Challenges? – TEGNA Inc. (TGNA)

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Standard General LP recently announced the acquisition of new stake in TEGNA Inc. (NYSE:TGNA). The institutional investor has increased its shareholding in the Communication Services company by 9.19% to 17.61 million shares with purchase of 1.48 million shares. This fresh investment now brings its stake to 8.06% valued currently at $196.13 million. In addition, HG Vora Capital Management LLC raised its holdings by 9.15 million to 15.0 million shares. And LSV Asset Management has lifted its position by 5.16% or 0.36 million shares – to 7.33 million shares.

With over 1.91 million TEGNA Inc. (TGNA) shares trading Wednesday and a closing price of $11.71 on the day, the dollar volume was approximately $22.31 million. The shares have shown a positive weekly performance of 1.39% and its price on 07/22/20 gained nearly 0.34%. Currently, there are 218.28M common shares owned by the public and among those 217.58M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for TGNA have a consensus price objective of $13.83. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $10.00 should the stock experience a downside. Incidentally, analysts’ outlook for the TEGNA Inc. stock is 2.10 for the next 12 months. The average price target is 20.39% above its last price level and an upside to the estimated low will see the stock lose -17.1% over that period. But an upside of 34.94% will see the stock hit the forecast high price target while mean target price for the stock is $14.00.

Insiders at the company have transacted a total of 58 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 519,105 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 222,751 shares.

The top 3 mutual fund holders in TEGNA Inc. are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 6.18 million shares of the company’s stock, all valued at over $68.88 million. The company sold 35237.0 shares recently to bring their total holdings to about 2.83% of the shares outstanding. Vanguard Small Cap Index Fund sold -0.16 million shares to bring its total holdings to over 5.46 million shares at a value of $60.88 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.50% of the shares outstanding.

Shares of TEGNA Inc. (NYSE: TGNA) opened at $11.61, down -$0.06 from a prior closing price of $11.67. However, the script later closed the day at $11.71, up 0.34%. The company’s stock has a 5-day price change of 1.39% and 12.54% over the past three months. TGNA shares are trading -30.08% year to date (YTD), with the 12-month market performance down to -21.04% lower. It has a 12-month low price of $9.61 and touched a high of $18.31 over the same period. Currently, 1.91 million shares have been traded, compared to an average intraday trading volume of 2.39 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.14%, 3.81%, and -16.21% respectively.

Institutional ownership of TEGNA Inc. (NYSE: TGNA) 218.28M shares outstanding. Mutual fund holders own 45.15%, while other institutional holders and individual stakeholders account for 55.15% and 10.15% respectively.

It has a market capitalization of $2.60B and a beta (3y monthly) value of 1.38. The stock’s trailing 12-month PE ratio is 8.54, while the earnings-per-share (ttm) stands at $1.37. The company has a PEG of 0.85 and a Quick Ratio of 2.00 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.65% over the week and 4.52% over the month.

Analysts forecast that TEGNA Inc. (TGNA) will achieve an EPS of $0.11 for the current quarter, $0.33 for the next quarter and $1.57 for 2021. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.19. Comparatively, EPS for the current quarter was $0.35 a year ago. Earnings per share for the fiscal year are expected to decrease by -28.90%, and -7.45% over the next financial year. EPS should grow at an annualized rate of 10.00% over the next five years, compared to -16.60% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate TEGNA Inc. (TGNA) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 3 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the TGNA, a number of firms have released research notes about the stock. The Benchmark Company stated their Buy rating for the stock in a research note on February 12, 2020, with the firm’s price target at $21-$22. JP Morgan coverage for the TEGNA Inc. (TGNA) stock in a research note released on October 28, 2019 offered a Neutral rating with a price target of $18. Wells Fargo was of a view on September 24, 2019 that the stock is Market Perform, while Wolfe Research gave the stock Outperform rating on August 19, 2019, issuing a price target of. Stephens on their part issued Equal-Weight rating on June 11, 2019.

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