TEGNA Inc. (TGNA) Shares Bought by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky increased its position in shares of TEGNA Inc. (NYSE:TGNA) by 91.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,100 shares of the company’s stock after acquiring an additional 23,000 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in TEGNA were worth $693,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in TGNA. BlackRock Inc. increased its stake in TEGNA by 3,145.3% in the 1st quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock worth $340,917,000 after purchasing an additional 12,896,690 shares in the last quarter. Victory Capital Management Inc. increased its stake in TEGNA by 90.5% in the 2nd quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock worth $185,828,000 after purchasing an additional 6,127,293 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in TEGNA by 126.6% in the 2nd quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock worth $84,289,000 after purchasing an additional 3,268,362 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in TEGNA by 31.7% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock worth $160,243,000 after purchasing an additional 2,676,789 shares in the last quarter. Finally, Laurion Capital Management LP purchased a new position in TEGNA in the 2nd quarter worth about $26,294,000. 97.92% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on TGNA shares. Zacks Investment Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 13th. TheStreet cut TEGNA from a “b” rating to a “c+” rating in a research note on Thursday, July 13th. ValuEngine raised TEGNA from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. Wells Fargo & Company reissued a “hold” rating and issued a $14.00 price target on shares of TEGNA in a research note on Friday, September 22nd. Finally, BidaskClub cut TEGNA from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $18.63.
Shares of TEGNA Inc. (NYSE:TGNA) opened at 12.64 on Monday. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 15.45 and a beta of 1.72. TEGNA Inc. has a 12 month low of $11.46 and a 12 month high of $17.06. The firm’s 50-day moving average price is $12.76 and its 200-day moving average price is $14.33.
TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The company had revenue of $489.36 million during the quarter, compared to the consensus estimate of $486.29 million. During the same period in the prior year, the company earned $0.50 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that TEGNA Inc. will post $1.09 earnings per share for the current year.
TEGNA announced that its Board of Directors has initiated a stock repurchase program on Tuesday, September 19th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a $0.07 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.22%. TEGNA’s dividend payout ratio (DPR) is currently 16.97%.
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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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