Tegna Inc (TGNA) reported quarterly earnings results on Wednesday, Apr-27-2016. The company said it had a profit of $0.45 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.04. Analysts had a consensus of $0.41. The company posted revenue of $781.73 million in the period, compared to analysts expectations of $782.38 million. The company’s revenue was up 6.9% compared to the same quarter last year.
Many Wall Street Analysts have commented on Tegna Inc. Shares were Downgraded by Barclays on Apr 1, 2016 to ” Underweight” and Lowered the Price Target to $ 21 from a previous price target of $27 .
Tegna Inc opened for trading at $23.72 and hit $24.1312 on the upside on Friday, eventually ending the session at $23.84, with a gain of 0.51% or 0.12 points. The heightened volatility saw the trading volume jump to 17,06,315 shares. Company has a market cap of $5,238 M.
TEGNA Inc. formerly Gannett Co. Inc. is a media and marketing solutions company. The Company is engaged in providing local content on a range of platforms in the United States. The Company operates through Broadcasting and Digital segments. It also provides digital marketing services and Internet-based human resource solutions. Its digital media products and services include search social media and Website development among others. The Company offers its services in a range of geographies demographics and content areas. The Company provides consumers with the information and entertainment and connects consumers to their communities through various platforms such as television stations desktop smartphone and tablet products. Its Broadcasting segment includes an independent station group of network affiliates. The Company’s Digital business segment includes Cars.com CareerBuilder and Shoplocal.