TEGNA Stock Rating Downgraded by StockNews.com

TEGNA (NYSE:TGNA) received a downgrade from stock analysts at StockNews.com, which shifted its rating from "buy" to "hold" in a report released on Friday.

Other analysts have also recently provided their assessments regarding TEGNA. JPMorgan Chase & Co. raised their price target for the stock from $16.00 to $19.00, keeping a "neutral" rating in their report dated November 12. Moreover, Wells Fargo & Company upgraded TEGNA from an "equal weight" rating to "overweight," increasing their price target for the stock from $21.00 to $23.00 in a report on December 19.

Additionally, Benchmark increased their price target from $21.00 to $23.00 and maintained a "buy" rating for TEGNA on November 8. Furthermore, Guggenheim retained its "buy" rating, establishing a target price of $22.00 for TEGNA shares on January 24.

Currently, two analysts have rated TEGNA with a hold rating, while three have provided a buy rating. As noted by MarketBeat, TEGNA has an overall consensus rating of "Moderate Buy" with an average price target of $21.75.

TEGNA Stock Performance

On Friday, shares of TEGNA rose by 1.3%, increasing by $0.23 during midday trading to reach a price of $18.17. Approximately 2,310,366 shares were traded, exceeding the average volume of 1,255,930 shares. The stock boasts a market capitalization of $2.93 billion, a price-to-earnings ratio of 6.42, and a beta value of 0.52. Over the past year, TEGNA's stock has experienced a low of $12.35 and a high of $19.62. The 50-day simple moving average stands at $18.16, while the 200-day simple moving average is at $16.88. The company reports a debt-to-equity ratio of 1.07, alongside a quick ratio and current ratio both of 2.60.

Institutional Holdings in TEGNA

Recently, various hedge funds and institutional investors have adjusted their holdings in TEGNA. For instance, Jones Financial Companies Lllp acquired a new position during the fourth quarter worth approximately $27,000. Neo Ivy Capital Management also initiated a new stake in TEGNA in the same period, valued at $28,000.

Moreover, Tower Research Capital LLC TRC increased its holdings by 80.2% in the fourth quarter, now owning 1,683 shares valued at $31,000 after purchasing an additional 749 shares. Similarly, Smartleaf Asset Management LLC enhanced its position in TEGNA by 95.6%, now holding 1,702 shares worth $31,000 after acquiring 832 additional shares last quarter. Aster Capital Management DIFC Ltd also purchased a new position in TEGNA during the fourth quarter, amounting to about $32,000. Currently, institutional investors collectively own 92.19% of TEGNA's shares.

About TEGNA Inc.

TEGNA Inc. is a media company specializing in broadcasting advertising and marketing products and services for various businesses. The company operates 47 television stations across 39 markets in the United States, delivering local content such as news, sports, and entertainment. TEGNA provides a range of services, including local and national non-political advertising, political advertising, third-party programming production, and digital marketing services, alongside advertisement placement on their websites and mobile platforms.

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