Price Change to Note: Tegna Inc Sets 52-Week Low; Strong Momentum for Sellers

Price Change to Note: Tegna Inc Sets 52 Week Low; Strong Momentum for Sellers

The stock of Tegna Inc (NYSE:TGNA) hit a new 52-week low and has $18.92 target or 5.00% below today’s $19.92 share price. The 9 months bearish chart indicates high risk for the $4.20 billion company. The 1-year low was reported on Oct, 13 by Barchart.com. If the $18.92 price target is reached, the company will be worth $210.00M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 874,966 shares traded hands. Tegna Inc (NYSE:TGNA) has declined 17.66% since March 10, 2016 and is downtrending. It has underperformed by 25.18% the S&P500.

Analysts await Tegna Inc (NYSE:TGNA) to report earnings on October, 18. They expect $0.57 earnings per share, up 54.05% or $0.20 from last year’s $0.37 per share. TGNA’s profit will be $120.18 million for 8.74 P/E if the $0.57 EPS becomes a reality. After $0.50 actual earnings per share reported by Tegna Inc for the previous quarter, Wall Street now forecasts 14.00% EPS growth.

Tegna Inc (NYSE:TGNA) Ratings Coverage

Out of 8 analysts covering Tegna Inc (NYSE:TGNA), 4 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 50% are positive. Tegna Inc has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. As per Friday, August 19, the company rating was initiated by Benchmark. The company was downgraded on Monday, August 24 by Wells Fargo. The stock has “Market Perform” rating given by Wells Fargo on Tuesday, August 18. The firm has “Hold” rating given on Tuesday, August 4 by Jefferies. The stock of Tegna Inc (NYSE:TGNA) has “Overweight” rating given on Wednesday, November 18 by Stephens. The firm has “Mkt Perform” rating given on Wednesday, October 21 by FBR Capital. On Friday, June 10 the stock rating was downgraded by Evercore to “Hold”. The stock of Tegna Inc (NYSE:TGNA) has “Equal-Weight” rating given on Friday, August 14 by Barclays Capital. The firm earned “Underweight” rating on Friday, April 1 by Barclays Capital. Barrington Research maintained Tegna Inc (NYSE:TGNA) rating on Wednesday, August 26. Barrington Research has “Outperform” rating and $35.0 price target.

According to Zacks Investment Research, “TEGNA owns the broadcasting assets of the legacy Gannett company following its June 2015 split into two publicly traded companies – a broadcasting and digital company called TEGNA, Inc. (Ticker: TGNA) and a publishing company called Gannett Co., Inc. (Ticker: GCI). TEGNA owns 64 television stations and is the largest independent television station group of major network affiliates in the top 25 markets. TEGNA’s digital assets include sites like Cars.com, CareerBuilder and others.”

More recent Tegna Inc (NYSE:TGNA) news were published by: Businesswire.com which released: “TEGNA to webcast third-quarter 2016 earnings conference call on Wednesday …” on October 11, 2016. Also Bizjournals.com published the news titled: “Tegna CEO on name backlash: Even Google faced criticism” on September 29, 2016. Nasdaq.com‘s news article titled: “Agree To Buy Tegna At $19, Earn 6.3% Annualized Using Options” with publication date: October 06, 2016 was also an interesting one.

TGNA Company Profile

TEGNA Inc., formerly Gannett Co., Inc., incorporated on February 23, 1972, includes a portfolio of media and digital businesses that provide content. The Firm operates through two divisions: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). The Company’s media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content. The Company’s digital business consists of its Cars.com and CareerBuilder business units that operate in the automotive and human capital solutions industries.

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