Wall Street analysts’ outlook for TEGNA Inc. (TGNA)

TEGNA Inc. (NYSE: TGNA) stock fell -2.70% on Monday to $19.46 against a previous-day closing price of $20.00. With 3.6 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.54 million shares. During the session, the Broadcasting company that operates in wider Communication Services sector, reached to the highest price of $20.03 whereas the lowest price it dropped to was $18.84. The 52-week range on TGNA shows that it touched its highest point at $23.04 and its lowest point at $18.54 during that stretch. It currently has a 1-year price target of $24.00. With its current market cap of 4.35 billion, TGNA has annualized dividend of $0.38 while the current yield stands at 1.95%. Beta for the stock currently stands at 0.67.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of TGNA was down-trending over the past week, with a drop of -3.95%, but this was down by -2.36% over a month. Three-month performance dropped to -5.81% while six-month performance fell -6.93%. The stock lost -3.18% in the past year, while it has lost -8.16% so far this year. A look at the trailing 12-month EPS for TGNA yields 2.42 with Next year EPS estimates of 2.17. For the next quarter, that number is 1.10. This implies an EPS growth rate of -2.20% for this year and -25.72% for next year. EPS is expected to grow by 10.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 8.80%.

Float and Shares Shorts:

At present, 223.97 million TGNA shares are outstanding with a float of 221.58 million shares on hand for trading. On Oct 13, 2022, short shares totaled 7.37 million, which was 3.30% higher than short shares on Sep 14, 2022. In addition to Mr. David T. Lougee as the firm’s Pres, CEO & Director, Ms. Victoria Dux Harker serves as its Exec. VP & CFO.


Institutional Ownership:

Through their ownership of 92.53% of TGNA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 47.34% of TGNA, in contrast to 42.40% held by mutual funds. Shares owned by individuals account for 10.20%. As the largest shareholder in TGNA with 10.19% of the stake, BlackRock Fund Advisors holds 22,756,005 shares worth 22,756,005. A second-largest stockholder of TGNA, The Vanguard Group, Inc., holds 22,536,753 shares, controlling over 10.09% of the firm’s shares. Standard General LP is the third largest shareholder in TGNA, holding 10,613,149 shares or 4.75% stake. With a 3.08% stake in TGNA, the iShares Core S&P Mid Cap ETF is the largest stakeholder. A total of 6,883,408 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 3.05% of TGNA stock, is the second-largest Mutual Fund holder. It holds 6,808,979 shares valued at 144.28 million. Vanguard Small Cap Index Fund holds 2.58% of the stake in TGNA, owning 5,753,570 shares worth 121.92 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for TGNA since 5 analysts follow the stock currently. There are 2 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 3 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With TGNA analysts setting a high price target of $24.00 and a low target of $24.00, the average target price over the next 12 months is $24.00. Based on these targets, TGNA could surge 23.33% to reach the target high and rise by 23.33% to reach the target low. Reaching the average price target will result in a growth of 23.33% from current levels.


EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. TGNA will report FY 2022 earnings on 02/26/2024. Analysts have provided yearly estimates in a range of $3.12 being high and $2.75 being low. For TGNA, this leads to a yearly average estimate of $2.97. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. TEGNA Inc. surprised analysts by -$0.08 when it reported $0.65 EPS against a consensus estimate of $0.73. The surprise factor in the prior quarter was -$0.03. Based on analyst estimates, the high estimate for the next quarter is $1.22 and the low estimate is $0.91. The average estimate for the next quarter is thus $1.09.

Summary of Insider Activity:

Insiders traded TGNA stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 37 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 677,171 while 282,101 shares were sold.

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