Bank of Montreal Can Increases Stake in TEGNA Inc. (TGNA)
Bank of Montreal Can boosted its position in TEGNA Inc. (NYSE:TGNA) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 204,617 shares of the company’s stock after buying an additional 2,852 shares during the period. Bank of Montreal Can’s holdings in TEGNA were worth $2,949,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of TEGNA by 3,145.3% in the first quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock worth $340,917,000 after buying an additional 12,896,690 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of TEGNA by 1,523.6% in the first quarter. Renaissance Technologies LLC now owns 1,813,600 shares of the company’s stock worth $46,464,000 after buying an additional 1,701,900 shares in the last quarter. Contrarius Investment Management Ltd bought a new position in shares of TEGNA during the first quarter worth approximately $39,690,000. AQR Capital Management LLC boosted its position in shares of TEGNA by 43.4% in the first quarter. AQR Capital Management LLC now owns 3,683,617 shares of the company’s stock worth $94,374,000 after buying an additional 1,115,202 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in shares of TEGNA by 1,172.5% in the first quarter. Stifel Financial Corp now owns 739,770 shares of the company’s stock worth $18,951,000 after buying an additional 681,634 shares in the last quarter. Hedge funds and other institutional investors own 88.32% of the company’s stock.
TEGNA Inc. (NYSE:TGNA) traded up 0.632% during midday trading on Tuesday, reaching $13.535. The company’s stock had a trading volume of 622,985 shares. TEGNA Inc. has a one year low of $13.29 and a one year high of $26.65. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 7.466 and a beta of 1.75. The stock’s 50 day moving average price is $14.70 and its 200-day moving average price is $21.43.
TEGNA (NYSE:TGNA) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 17.14%. The firm had revenue of $489.36 million during the quarter, compared to the consensus estimate of $486.29 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts forecast that TEGNA Inc. will post $1.16 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.08%. TEGNA’s dividend payout ratio (DPR) is presently 16.97%.
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A number of equities analysts recently commented on TGNA shares. FBR & Co decreased their target price on TEGNA from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Friday, May 5th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $16.50 target price on shares of TEGNA in a report on Thursday, June 1st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $16.00 target price on shares of TEGNA in a report on Thursday, June 1st. ValuEngine cut TEGNA from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research cut TEGNA from a “hold” rating to a “strong sell” rating in a report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $21.44.
TEGNA Company Profile
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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