Texas Permanent School Fund Acquires 94,028 Shares of TEGNA Inc. (NYSE:TGNA)
Texas Permanent School Fund raised its position in TEGNA Inc. (NYSE:TGNA) by 149.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 156,765 shares of the company’s stock after buying an additional 94,028 shares during the period. Texas Permanent School Fund’s holdings in TEGNA were worth $2,259,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of TEGNA during the first quarter worth approximately $131,000. ARS Investment Partners LLC acquired a new position in shares of TEGNA during the first quarter worth approximately $135,000. Iberiabank Corp acquired a new position in shares of TEGNA during the second quarter worth approximately $170,000. Peak Asset Management LLC acquired a new position in shares of TEGNA during the first quarter worth approximately $205,000. Finally, Clifford Swan Investment Counsel LLC acquired a new position in shares of TEGNA during the first quarter worth approximately $207,000. Institutional investors own 88.32% of the company’s stock.
TEGNA Inc. (TGNA) opened at 12.91 on Friday. TEGNA Inc. has a 52 week low of $12.90 and a 52 week high of $26.65. The company has a market cap of $2.78 billion, a P/E ratio of 15.78 and a beta of 1.75. The company’s 50-day moving average is $14.40 and its 200-day moving average is $21.02.
TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The business had revenue of $489.36 million during the quarter, compared to analysts’ expectations of $486.29 million. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 EPS. On average, analysts anticipate that TEGNA Inc. will post $1.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders 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 yield of 2.17%. TEGNA’s payout ratio is currently 16.97%.
A number of brokerages have recently commented on TGNA. ValuEngine lowered shares of TEGNA from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Benchmark Co. reiterated a “buy” rating and set a $20.00 price target on shares of TEGNA in a report on Friday, June 16th. FBR & Co cut their price target on shares of TEGNA from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Monday, May 15th. BidaskClub lowered shares of TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Finally, Zacks Investment Research lowered shares of TEGNA from a “hold” rating to a “strong sell” rating in a report on Monday, June 5th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have given 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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