California Public Employees Retirement System raised its position in Tegna Inc (NYSE:TGNA) by 8.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 689,346 shares of the company’s stock after acquiring an additional 52,046 shares during the quarter. California Public Employees Retirement System owned 0.32% of Tegna worth $9,189,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in TGNA. Point72 Asset Management L.P. acquired a new position in Tegna in the third quarter worth $110,000. Synovus Financial Corp lifted its stake in Tegna by 4.4% in the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after buying an additional 438 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Tegna by 523.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock valued at $138,000 after buying an additional 8,678 shares during the last quarter. FNY Partners Fund LP bought a new stake in Tegna in the second quarter valued at $158,000. Finally, Beacon Investment Advisory Services Inc. bought a new stake in Tegna in the third quarter valued at $162,000. 99.71% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Clifton A. Mcclelland III sold 7,740 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $13.69, for a total transaction of $105,960.60. Following the sale, the senior vice president now directly owns 32,335 shares in the company, valued at $442,666.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Todd A. Mayman sold 36,830 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $12.63, for a total value of $465,162.90. Following the sale, the executive vice president now owns 19,420 shares in the company, valued at $245,274.60. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.
TGNA has been the topic of a number of recent analyst reports. FBR & Co restated a “hold” rating and set a $15.00 price objective on shares of Tegna in a research note on Wednesday, September 20th. Wells Fargo & Co restated a “hold” rating and set a $14.00 price objective on shares of Tegna in a research note on Friday, September 22nd. Royal Bank of Canada assumed coverage on shares of Tegna in a research note on Tuesday, September 26th. They set a “sector perform” rating and a $14.00 price objective on the stock. BidaskClub raised Tegna from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Finally, ValuEngine raised Tegna from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Three analysts have rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $18.50.
Tegna Inc (TGNA) opened at $15.04 on Friday. The company has a debt-to-equity ratio of 4.30, a quick ratio of 1.37 and a current ratio of 1.37. Tegna Inc has a 12 month low of $11.59 and a 12 month high of $17.08. The firm has a market capitalization of $3,249.61, a PE ratio of 11.22, a price-to-earnings-growth ratio of 7.78 and a beta of 1.72.
Tegna (NYSE:TGNA) last announced its quarterly earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The business had revenue of $464.26 million during the quarter, compared to analyst estimates of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The firm’s revenue was down 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.65 EPS. equities research analysts forecast that Tegna Inc will post 1.08 earnings per share for the current year.
Tegna announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 8th were issued a $0.07 dividend. The ex-dividend date was Thursday, December 7th. This represents a $0.28 annualized dividend and a yield of 1.86%. Tegna’s dividend payout ratio (DPR) is currently 20.90%.
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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