Cove Street Capital LLC Has $28.13 Million Position in TEGNA Inc. (TGNA)
Cove Street Capital LLC increased its position in TEGNA Inc. (NYSE:TGNA) by 51.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,951,981 shares of the company’s stock after acquiring an additional 662,200 shares during the period. TEGNA comprises about 3.4% of Cove Street Capital LLC’s investment portfolio, making the stock its 7th biggest holding. Cove Street Capital LLC owned 0.91% of TEGNA worth $28,128,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of TGNA. BlackRock Inc. grew its holdings 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 acquiring an additional 12,896,690 shares during the period. Victory Capital Management Inc. grew its holdings in shares of TEGNA by 90.5% in the second quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock worth $185,828,000 after acquiring an additional 6,127,293 shares during the period. Artisan Partners Limited Partnership grew its holdings in shares of TEGNA by 126.6% in the second quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock worth $84,289,000 after acquiring an additional 3,268,362 shares during the period. Diamond Hill Capital Management Inc. grew its holdings in shares of TEGNA by 31.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock worth $160,243,000 after acquiring an additional 2,676,789 shares during the period. Finally, Laurion Capital Management LP bought a new stake in shares of TEGNA in the second quarter worth $26,294,000. 98.00% of the stock is owned by institutional investors.
Several brokerages recently commented on TGNA. Wells Fargo & Company reaffirmed a “hold” rating and issued a $14.00 price objective on shares of TEGNA in a report on Friday. BidaskClub lowered TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Noble Financial reissued a “buy” rating on shares of TEGNA in a report on Thursday, August 3rd. FBR & Co reissued a “hold” rating and set a $15.00 price target on shares of TEGNA in a report on Wednesday. Finally, Jefferies Group LLC reissued a “hold” rating and set a $14.00 price target (down previously from $16.00) on shares of TEGNA in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $19.29.
TEGNA Inc. (NYSE TGNA) traded up 1.59% during mid-day trading on Friday, reaching $12.79. The company’s stock had a trading volume of 1,853,779 shares. The stock has a 50-day moving average price of $12.78 and a 200-day moving average price of $14.78. TEGNA Inc. has a one year low of $11.46 and a one year high of $17.06. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 15.64 and a beta of 1.76.
TEGNA (NYSE:TGNA) last announced 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. The company had revenue of $489.36 million for the quarter, compared to the consensus estimate of $486.29 million. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. Equities research analysts forecast that TEGNA Inc. will post $1.09 EPS for the current year.
TEGNA announced that its board has approved a share buyback plan on Tuesday, September 19th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 11.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business 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. This represents a $0.28 annualized dividend and a yield of 2.19%. The ex-dividend date is Thursday, September 7th. TEGNA’s dividend payout ratio is currently 16.97%.
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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