Wells Fargo & Company Has Lowered Expectations for TEGNA (NYSE:TGNA) Stock Price

TEGNA (NYSE:TGNA) had its target price decreased by analysts at Wells Fargo & Company from $23.00 to $21.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 27.35% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the stock. StockNews.com cut shares of TEGNA from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Guggenheim cut their target price on TEGNA from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, TEGNA has an average rating of “Moderate Buy” and an average target price of $20.75.

TEGNA Price Performance

Shares of NYSE TGNA opened at $16.49 on Thursday. The stock has a market capitalization of $2.65 billion, a P/E ratio of 5.83 and a beta of 0.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The company’s 50-day moving average is $17.12 and its 200 day moving average is $17.70. TEGNA has a 1 year low of $12.35 and a 1 year high of $19.62.

Institutional Trading of TEGNA

Large investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp bought a new stake in TEGNA in the 4th quarter worth approximately $27,000. Neo Ivy Capital Management bought a new stake in shares of TEGNA in the fourth quarter worth $28,000. Smartleaf Asset Management LLC grew its holdings in shares of TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after acquiring an additional 832 shares during the period. Tower Research Capital LLC TRC increased its position in TEGNA by 80.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company’s stock valued at $31,000 after acquiring an additional 749 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in TEGNA during the fourth quarter valued at approximately $32,000. 92.19% of the stock is currently owned by institutional investors.

TEGNA Company Profile

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.