Beacon Investment Advisory Services Inc. Acquires Shares of 12,166 Tegna Inc (TGNA)
Beacon Investment Advisory Services Inc. acquired a new position in Tegna Inc (NYSE:TGNA) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 12,166 shares of the company’s stock, valued at approximately $162,000.
Several other institutional investors and hedge funds have also recently modified their holdings of TGNA. Russell Investments Group Ltd. grew its holdings in Tegna by 81.5% during the second quarter. Russell Investments Group Ltd. now owns 451,780 shares of the company’s stock valued at $6,512,000 after purchasing an additional 202,799 shares during the period. Great West Life Assurance Co. Can grew its holdings in Tegna by 16.9% during the second quarter. Great West Life Assurance Co. Can now owns 175,079 shares of the company’s stock valued at $2,519,000 after purchasing an additional 25,354 shares during the period. Sei Investments Co. grew its holdings in Tegna by 51.0% during the second quarter. Sei Investments Co. now owns 264,782 shares of the company’s stock valued at $3,815,000 after purchasing an additional 89,424 shares during the period. Retirement Systems of Alabama grew its holdings in Tegna by 166.7% during the second quarter. Retirement Systems of Alabama now owns 276,803 shares of the company’s stock valued at $3,989,000 after purchasing an additional 173,012 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in Tegna by 153.6% during the second quarter. Canada Pension Plan Investment Board now owns 589,970 shares of the company’s stock valued at $8,501,000 after purchasing an additional 357,300 shares during the period. 99.89% of the stock is owned by institutional investors.
Shares of Tegna Inc (NYSE:TGNA) traded up $0.05 during trading on Thursday, hitting $13.44. The stock had a trading volume of 2,528,800 shares, compared to its average volume of 3,509,633. Tegna Inc has a fifty-two week low of $11.59 and a fifty-two week high of $17.08. The stock has a market capitalization of $2,881.61, a P/E ratio of 8.42, a price-to-earnings-growth ratio of 10.18 and a beta of 1.72. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 4.30.
Tegna (NYSE:TGNA) last announced its quarterly earnings data on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.01. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The business had revenue of $464.26 million for the quarter, compared to the consensus estimate of $463.23 million. During the same period in the previous year, the business earned $0.65 earnings per share. The business’s revenue was down 10.7% on a year-over-year basis. analysts forecast that Tegna Inc will post 1.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be given a $0.07 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.08%. Tegna’s payout ratio is 20.90%.
Tegna announced that its board has approved a share repurchase program on Tuesday, September 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
Several research firms have issued reports on TGNA. BidaskClub lowered Tegna from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. ValuEngine raised Tegna from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research lowered Tegna from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Jefferies Group restated a “hold” rating and issued a $14.00 price objective on shares of Tegna in a research report on Monday, October 16th. Finally, Royal Bank of Canada began coverage on Tegna in a research report on Tuesday, September 26th. They issued a “sector perform” rating and a $14.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $17.88.
In related news, EVP Todd A. Mayman sold 36,830 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $12.63, for a total value of $465,162.90. Following the sale, the executive vice president now directly owns 19,420 shares in the company, valued at $245,274.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $13.69, for a total value of $105,960.60. Following the completion of the sale, the senior vice president now owns 32,335 shares in the company, valued at $442,666.15. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.
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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