Assessing Whether TEGNA Inc (NYSE: TGNA) Is Over- Or Undervalued

The Vanguard Group, Inc. has recently announced that it has increased stake in TEGNA Inc (NYSE:TGNA) by 1.92%. After grabbing 24.15 million shares, the institutional investor is now in possession of 0.46 million shares of the Communication Services Company. The new investment brought the stake of investor firm to 11.98% having worth around $350.43 million. Moreover, Boston Partners Global Investors, increased its share by 0.45 million to have a control over 10.57 million shares. And Dimensional Fund Advisors LP raised its holdings to 2.12 million shares by acquiring 8.79 million shares or 4.36% of the stake.

TEGNA Inc (TGNA) concluded trading on 12/07/23 at a closing price of $15.19, with 2.55 million shares of worth about $38.79 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -7.04% during that period and on Thursday the price saw a gain of about 1.47%. Currently the company’s common shares owned by public are about 223.45M shares, out of which, 194.40M shares are available for trading.

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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the TGNA stock and their offered price forecasts bring an average price target of $19.40. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $22.00 and could fall to a lowest price of $17.00. The stock’s current price level is 21.7% above of average price target set by the analysts, while a rise to estimated low would result in gain of 10.65% for the stock. However, touching the estimated high of $22.00 would mean a gain of 30.95% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 46 times over the past 12 months. They bought 831,845 shares in 38 of the transactions. In 8 selling transactions, insiders dumped 372,278 shares.

Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in TEGNA Inc Vanguard Total Stock Market ETF is currently holding 6.3 million shares of worth totaling $91.47 million. The company recently came buying 11414.0 shares which brought its stake up to 3.13% of the company’s outstanding shares. Vanguard Small Cap Index Fund, after buying 5.2 million shares, have now control over 2.58% of the stake in the company. It holds 13020.0 shares of worth $75.44 million.

TEGNA Inc (NYSE: TGNA) started trading at $14.96, below -$0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 15.27, or with a gain of 1.47%. Stock saw a price change of -0.91% in past 5 days and over the past one month there was a price change of -1.68%. Year-to-date (YTD), TGNA shares are showing a performance of -28.32% which decreased to -23.86% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $13.65 but also hit the highest price of $22.29 during that period. The average intraday trading volume for TEGNA Inc shares is 2.38 million. The stock is currently trading -2.62% below its 20-day simple moving average (SMA20), while that difference is up 2.08% for SMA50 and it goes to -5.17% lower than SMA200.

The Vanguard Group, Inc. acquired 24.15 million shares of TEGNA Inc having value of about $350.43 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.46 million shares in the company valued at close to $6918012.08, or have control over 1.92% stake in the company. TEGNA Inc (NYSE: TGNA) currently have 223.45M outstanding shares and institutions hold larger chunk of about 89.84% of that. Holding of mutual funds in the company is about 38.50% while other institutional holders and individual stake holders have control over 50.26% and 11.77% of the stake respectively.

The stock has a current market capitalization of $2.99B and its 3Y-monthly beta is at 0.57. PE ratio of stock for trailing 12 months is 5.37, while it has posted earnings per share of $2.83 in the same period. Its PEG reads 0.54 and has Quick Ratio of 3.47 while making debt-to-equity ratio of 1.06. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for TGNA, volatility over the week remained 2.59% while standing at 2.25% over the month.

Analysts are in expectations that TEGNA Inc (TGNA) stock would likely to be making an EPS of $TEGNA Inc in the current quarter, while forecast for next quarter EPS is $15.19 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $Transphorm, Inc. which is $TINGO INC at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $TGN in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -29.56% while it is estimated to increase by 78.85% in next year. EPS is likely to grow at an annualized rate of 10.00% for next 5-years, compared to annual growth of -0.21% made by the stock over the past 5-years.

Analysts at 6 brokerage firms have issued recommendations for the TEGNA Inc (TGNA)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 6 Wall Street analysts, 3 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by JP Morgan on December 06, 2023 offering a Neutral rating for the stock and assigned a target price range of between $22 and $17 to it.

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