Tegna Inc. (TGNA) Shares Sold by Brown Advisory Inc.
Brown Advisory Inc. reduced its position in shares of Tegna Inc. (NYSE:TGNA) by 4.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,033 shares of the company’s stock after selling 553 shares during the period. Brown Advisory Inc.’s holdings in Tegna were worth $256,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Conning Inc. boosted its position in shares of Tegna by 1.1% in the second quarter. Conning Inc. now owns 9,978 shares of the company’s stock worth $231,000 after buying an additional 110 shares in the last quarter. Norinchukin Bank The boosted its position in shares of Tegna by 1.2% in the second quarter. Norinchukin Bank The now owns 11,412 shares of the company’s stock worth $264,000 after buying an additional 136 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Tegna by 0.8% in the second quarter. CIBC Asset Management Inc now owns 22,854 shares of the company’s stock worth $530,000 after buying an additional 180 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Tegna by 2.9% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 16,638 shares of the company’s stock worth $385,000 after buying an additional 470 shares in the last quarter. Finally, DNB Asset Management AS boosted its position in shares of Tegna by 6.1% in the second quarter. DNB Asset Management AS now owns 12,179 shares of the company’s stock worth $282,000 after buying an additional 700 shares in the last quarter. Institutional investors and hedge funds own 87.80% of the company’s stock.
Tegna Inc. (NYSE:TGNA) traded down 0.68% during trading on Thursday, hitting $21.87. The stock had a trading volume of 358,921 shares. Tegna Inc. has a 12-month low of $20.10 and a 12-month high of $28.95. The company has a market cap of $4.69 billion, a P/E ratio of 11.81 and a beta of 1.70. The company has a 50 day moving average of $21.23 and a 200-day moving average of $22.47.
Tegna (NYSE:TGNA) last announced its earnings results on Tuesday, July 26th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The company had revenue of $811.79 million for the quarter, compared to analyst estimates of $814.56 million. Tegna had a return on equity of 17.02% and a net margin of 13.69%. Tegna’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. On average, equities analysts predict that Tegna Inc. will post $2.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Wednesday, September 7th. Tegna’s payout ratio is 28.72%.
A number of brokerages have recently weighed in on TGNA. FBR & Co dropped their price target on Tegna from $25.00 to $24.00 and set a “mkt perform” rating for the company in a research report on Wednesday, July 27th. Zacks Investment Research upgraded Tegna from a “sell” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Wednesday, July 13th. Evercore ISI cut Tegna from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a research report on Friday, June 10th. Argus reiterated a “buy” rating and set a $33.00 price objective on shares of Tegna in a research report on Saturday, August 13th. Finally, Jefferies Group dropped their price objective on Tegna from $26.00 to $25.00 and set a “hold” rating for the company in a research report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $26.88.
Tegna Company Profile
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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