UBS Asset Management Americas Inc. Cuts Stake in Tegna Inc. (TGNA)
UBS Asset Management Americas Inc. cut its position in Tegna Inc. (NYSE:TGNA) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 633,763 shares of the company’s stock after selling 12,805 shares during the period. UBS Asset Management Americas Inc. owned 0.29% of Tegna worth $14,685,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hussman Strategic Advisors Inc. acquired a new position in Tegna during the second quarter worth $151,000. Ladenburg Thalmann Financial Services Inc. raised its position in Tegna by 4.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,312 shares of the company’s stock worth $195,000 after buying an additional 330 shares during the period. Seven Eight Capital LLC raised its position in Tegna by 58,666.7% in the first quarter. Seven Eight Capital LLC now owns 8,815 shares of the company’s stock worth $207,000 after buying an additional 8,800 shares during the period. Sentry Investment Management LLC raised its position in Tegna by 84.6% in the first quarter. Sentry Investment Management LLC now owns 8,916 shares of the company’s stock worth $209,000 after buying an additional 4,086 shares during the period. Finally, BlueMountain Capital Management LLC acquired a new position in Tegna during the first quarter worth $230,000. 87.80% of the stock is currently owned by institutional investors and hedge funds.
Tegna Inc. (NYSE:TGNA) traded up 2.131% during mid-day trading on Thursday, reaching $21.325. 458,455 shares of the company traded hands. The stock has a market capitalization of $4.57 billion, a PE ratio of 11.515 and a beta of 1.77. The stock has a 50-day moving average of $21.09 and a 200 day moving average of $22.65. Tegna Inc. has a 52-week low of $20.10 and a 52-week high of $28.95.
Tegna (NYSE:TGNA) last issued its earnings results on Tuesday, July 26th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. Tegna had a net margin of 13.69% and a return on equity of 17.02%. The company had revenue of $811.79 million for the quarter, compared to analyst estimates of $814.56 million. During the same period in the prior year, the business posted $0.30 earnings per share. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research analysts expect that Tegna Inc. will post $2.33 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.56 annualized dividend and a yield of 2.68%. Tegna’s payout ratio is currently 28.72%.
A number of research analysts have weighed in on the stock. FBR & Co decreased their target price on shares of Tegna from $25.00 to $24.00 and set a “mkt perform” rating on the stock in a research note on Wednesday, July 27th. Zacks Investment Research raised shares of Tegna from a “sell” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Wednesday, July 13th. Argus restated a “buy” rating and set a $33.00 price target on shares of Tegna in a report on Saturday, August 13th. Evercore ISI downgraded shares of Tegna from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a report on Friday, June 10th. Finally, TheStreet downgraded shares of Tegna from a “buy” rating to a “hold” rating in a report on Monday, August 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $26.88.
TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). Its media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content.
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