Investing in TEGNA Inc. (TGNA): What You Must Know


Following these proceedings, Wells Fargo downgraded its TEGNA Inc. [TGNA] rating to an Equal weight from a an Overweight in a research note published on Tuesday. PT values the company’s stock at a premium of 27.5 to its Tuesday closing price. A number of analysts have revised their coverage, including Argus’s analysts, who decreased its forecast for the stock in mid April from “a Buy” to “a Hold”. Barrington Research also remained covering TGNA and has decreased its forecast on September 22, 2021 with a “Mkt perform” recommendation from previously “an Outperform” rating. Wells Fargo revised its rating on August 11, 2020. It rated TGNA as “an Overweight” which previously was an “an Equal weight”.

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Price Performance Review of TGNA

On Tuesday, TEGNA Inc. [NYSE:TGNA] saw its stock fall -1.75% to $17.40. On the same session, the stock had its day’s lowest price of $17.25, but rose to a high of $17.8599. Over the last five days, the stock has lost -14.79%. TEGNA Inc. shares have fallen nearly -17.89% since the year began. Nevertheless, the stocks have fallen -23.38% over the past one year. While a 52-week high of $23.04 was reached on 02/24/23, a 52-week low of $16.58 was recorded on 02/27/23. SMA at 50 days reached $20.25, while 200 days put it at $20.66. A total of 6.47 million shares were traded, compared to the trading of 10.31 million shares in the previous session.

Levels Of Support And Resistance For TGNA Stock

The 24-hour chart illustrates a support level at 17.15, which if violated will result in even more drops to 16.89. On the upside, there is a resistance level at 17.76. A further resistance level may holdings at 18.11. The Relative Strength Index (RSI) on the 14-day chart is 29.84, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.20, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 85.64%. Stochastics %K at 38.64% indicates the stock is a holding.

How much short interest is there in TEGNA Inc.?

A steep rise in short interest was recorded in TEGNA Inc. stocks on Jan 12, 2023, growing by 2.26 million shares to a total of 6.97 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 4.71 million shares. There was a rise of 32.42%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 4.05% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.91.

TEGNA Inc. [TGNA] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 24,284,869 shares, or roughly 10.88% of the outstanding TGNA shares. In other words, the investor’s shares have risen by 1,158,216 from its previous 13-F filing of 23126653.0. Additionally, The Vanguard Group, Inc. increased 2.58% of its stake after which the total value it holdings stand at $460,737,933. Over the last quarter, SSgA Funds Management, Inc. purchased 346,284 shares of TEGNA Inc., while Dimensional Fund Advisors LP bought -19,694 shares. At present, TIG Advisors LLC is holding 6,488,990 shares valued at $129.33 million. Segantii Capital Management Ltd. owned 5,417,253 shares of the company at the time of its most recent 13F filing, worth $107.97 million.

According to FactSet, TEGNA Inc.’s share price will average $20.67 in the next year, based on opinions of analysts polled by the firm. This is up nearly 12.93 percent from its previous closing price of $17.71. Analysts expect TEGNA Inc. stock to reach the higher price of $22.00, while the lowest price estimate is $20.00. However, 5 analysts have rated TGNA stock as an Overweight in their predictions for 2023. The most recent change occurred on February 12, 2020 when The Benchmark Company resumed its ‘”a Buy”‘ rating for the stock and retained the price target to $22.


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