BlackRock Inc. boosted its position in shares of TEGNA Inc. (NYSE:TGNA) by 2.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 25,426,490 shares of the company’s stock after acquiring an additional 653,935 shares during the quarter. BlackRock Inc. owned about 11.81% of TEGNA worth $276,386,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Retirement Systems of Alabama lifted its position in TEGNA by 0.3% during the 4th quarter. Retirement Systems of Alabama now owns 279,152 shares of the company’s stock worth $3,034,000 after acquiring an additional 961 shares during the period. Bank of Montreal Can lifted its position in TEGNA by 1.6% during the 4th quarter. Bank of Montreal Can now owns 74,046 shares of the company’s stock worth $805,000 after acquiring an additional 1,165 shares during the period. Janney Montgomery Scott LLC lifted its position in TEGNA by 2.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 44,353 shares of the company’s stock worth $482,000 after acquiring an additional 1,220 shares during the period. Arizona State Retirement System lifted its position in TEGNA by 1.1% during the 4th quarter. Arizona State Retirement System now owns 154,530 shares of the company’s stock worth $1,680,000 after acquiring an additional 1,680 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of TEGNA by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 335,860 shares of the company’s stock valued at $4,017,000 after buying an additional 1,688 shares during the period. 94.32% of the stock is owned by institutional investors.
Shares of TGNA stock opened at $14.41 on Friday. The stock has a market capitalization of $3.24 billion, a PE ratio of 7.87, a P/E/G ratio of 1.13 and a beta of 1.55. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 2.20. TEGNA Inc. has a 52-week low of $10.00 and a 52-week high of $15.58.
TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Friday, March 1st. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.07. TEGNA had a return on equity of 33.72% and a net margin of 18.18%. The firm had revenue of $642.10 million during the quarter, compared to analyst estimates of $628.71 million. During the same quarter in the previous year, the business earned $0.32 EPS. TEGNA’s revenue for the quarter was up 31.0% compared to the same quarter last year. As a group, equities research analysts expect that TEGNA Inc. will post 1.32 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 8th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.94%. TEGNA’s dividend payout ratio is presently 15.30%.
In related news, Director Neal Shapiro sold 27,613 shares of TEGNA stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $14.72, for a total value of $406,463.36. Following the completion of the transaction, the director now owns 17,478 shares in the company, valued at approximately $257,276.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.44% of the stock is owned by insiders.
Several equities analysts have recently issued reports on TGNA shares. ValuEngine cut TEGNA from a “sell” rating to a “strong sell” rating in a report on Monday, January 7th. Gabelli started coverage on TEGNA in a report on Tuesday, November 27th. They issued a “buy” rating for the company. Wolfe Research started coverage on TEGNA in a report on Friday, December 7th. They issued a “market perform” rating for the company. Barrington Research reissued a “buy” rating and issued a $17.00 price objective on shares of TEGNA in a report on Friday, March 1st. Finally, Zacks Investment Research cut TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, January 5th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $14.32.
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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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