Wednesday's IBD Screen of the Day searches for stocks with relative strength lines at new highs. Media company Tegna and portable space company WillScot Mobile Mini Holdings are making new highs and approaching buy points on their charts.
True Crime Network
Tegna is a broadcast and digital media company owning 64 news brands and other outlets, including True Crime Network and Quest.
TGNA stock is making a new high on the relative strength line, as indicated by the blue dot on the MarketSmith chart.
The stock is grinding through a 30-week long consolidating base and is now trading within 5% of its 23.14 buy point.
Shares are also finding support at its 21-day exponential moving average.
It holds the No. 2 spot in IBD's Media-TV and Radio industry group, which is ranked 73rd out of the industry groups that IBD ranks. The subsector has moved up from the No. 84 spot one week ago and No. 94 four weeks ago.
Tegna has an 86 Relative Strength Rating, meaning it has outperformed 86% of the stocks in the IBD database in the last 12 months. The company also holds a respectable 93 Composite Rating and 89 EPS Rating.
Analyst consensus expects annual earnings of $3.14 per share in 2022, up from $2.15 in 2021, but then a drop to $2.48 per share in 2023.
The media firm misfired on Aug. 8, missing expectations on Q2 earnings and sales. However, it did show improvement over the prior year in both categories.
Finally, this interesting pick has a respectable 21% return on equity, a measure of financial efficiency.
Modular Storage Stock New Highs; Nears Buy Point
WillScot Mobile Mini Holdings provides work space and portable storage solutions in a rapidly-changing labor and mobility environment.
WSC stock just hit a new high on its relative strength line.
Shares emerged from a double-bottom base and are now trading in a flat base within 2% of the 43.81 buy point.
WillScot is ranked No. 1 in the Commercial Services Leasing group, which is 137th out of the 197 IBD groups.
It holds an impressive 97 Composite Rating but the lackluster 76 Earnings Per Share Rating points to mixed profit growth.
Analysts expect 73% annual earnings-per-share growth in 2022 and 26% in 2023. WillScot had consistent quarterly sales growth ranging from 18% to 26% in the prior three quarters.
The company is 70% held by mutual funds, with 673 owning the stock in June, up from 620 in March and 598 in December.
