TEGNA Stock Rating Downgraded by StockNews.com

TEGNA (NYSE:TGNA) has recently faced a decline in its stock rating, as StockNews.com downgraded it from a "buy" rating to a "hold" rating in a report issued on Friday.

Analyst Insights on TEGNA

Other analysts have also shared their perspectives regarding TEGNA. For example, on November 12th, JPMorgan Chase & Co. increased their price target on TEGNA shares from $16.00 to $19.00, noting a "neutral" rating. Similarly, on December 19th, Wells Fargo & Company upgraded TEGNA from an "equal weight" rating to an "overweight" rating, adjusting their price target from $21.00 to $23.00. Furthermore, Benchmark raised their price objective from $21.00 to $23.00, assigning a "buy" rating on November 8th. Lastly, Guggenheim reiterated a "buy" rating, setting a target price of $22.00 on January 24th.

As it stands, two analysts have assigned a hold rating, while three have given it a buy rating. According to MarketBeat, TEGNA has an overall consensus rating of "Moderate Buy" and a consensus price target of $21.75.

TEGNA's Stock Performance

On Friday, TEGNA stock experienced an uptick, trading up by 1.3%, reaching a price of $18.17 during midday trading. Approximately 2,310,366 shares exchanged hands, compared to the average volume of 1,255,930 shares. The company’s market capitalization stands at $2.93 billion, with a price-to-earnings (P/E) ratio of 6.42 and a beta of 0.52. Over the past year, TEGNA has seen a low of $12.35 and a high of $19.62. The stock's 50-day simple moving average is $18.16, while the 200-day simple moving average is $16.88. Additionally, TEGNA has a debt-to-equity ratio of 1.07, with both a quick ratio and current ratio of 2.60.

Institutional Investors' Movements

Recently, several institutional investors have altered their stakes in TEGNA. Jones Financial Companies Lllp purchased a new position during the fourth quarter, valued at approximately $27,000. Neo Ivy Capital Management also bought a new stake during the fourth quarter, worth $28,000. Tower Research Capital LLC TRC raised its stake in TEGNA by 80.2%, now owning 1,683 shares valued at $31,000 after acquiring additional shares during the period. Similarly, Smartleaf Asset Management LLC increased its position by 95.6%, owning 1,702 shares after purchasing more during the last quarter. Lastly, Aster Capital Management DIFC Ltd bought a new position valued at around $32,000. Remarkably, institutional investors hold 92.19% of TEGNA's stock.

About TEGNA Inc.

TEGNA Inc. is a media company that offers broadcasting, advertising, and marketing services for various businesses. It operates a total of 47 television stations across 39 markets in the United States, providing local programming that includes news, sports, and entertainment. In addition to local and national advertising, TEGNA also engages in political advertising, produces programming from third parties, creates advertising materials, and provides digital marketing services. Their offerings extend to advertising services for their websites, tablets, and mobile applications.

TEGNA, Stock, Rating