BlackRock Inc. lifted its position in shares of TEGNA Inc. (NYSE:TGNA) by 1.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,772,555 shares of the company’s stock after acquiring an additional 328,696 shares during the period. BlackRock Inc. owned approximately 11.51% of TEGNA worth $296,279,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Todd Asset Management LLC bought a new stake in shares of TEGNA during the second quarter valued at approximately $115,000. Trexquant Investment LP bought a new stake in shares of TEGNA during the second quarter valued at approximately $115,000. Mengis Capital Management Inc. bought a new stake in shares of TEGNA during the third quarter valued at approximately $138,000. Cadence Capital Management LLC bought a new stake in shares of TEGNA during the second quarter valued at approximately $140,000. Finally, Point72 Hong Kong Ltd increased its position in shares of TEGNA by 298.5% during the second quarter. Point72 Hong Kong Ltd now owns 14,919 shares of the company’s stock valued at $162,000 after acquiring an additional 11,175 shares in the last quarter. 94.18% of the stock is owned by institutional investors.
Several brokerages recently weighed in on TGNA. Zacks Investment Research downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Thursday, November 29th. ValuEngine raised shares of TEGNA from a “sell” rating to a “hold” rating in a research report on Wednesday, November 28th. TheStreet raised shares of TEGNA from a “c+” rating to a “b-” rating in a research report on Tuesday, December 11th. Gabelli started coverage on shares of TEGNA in a research report on Tuesday, November 27th. They issued a “buy” rating for the company. Finally, Wolfe Research started coverage on shares of TEGNA in a research report on Friday, December 7th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $14.58.
NYSE:TGNA opened at $12.27 on Tuesday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 2.48. TEGNA Inc. has a 12 month low of $10.00 and a 12 month high of $15.60. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 0.69 and a beta of 1.55.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, November 8th. The company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. The business had revenue of $539.00 million for the quarter, compared to analysts’ expectations of $537.68 million. TEGNA had a net margin of 26.46% and a return on equity of 28.02%. The company’s revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 EPS. On average, sell-side analysts forecast that TEGNA Inc. will post 1.81 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Friday, December 7th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Thursday, December 6th. TEGNA’s dividend payout ratio is presently 25.93%.
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TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.
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