TEGNA Inc. $TGNA Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue boosted its stake in TEGNA Inc. (NYSE:TGNA) by 36.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 130,192 shares of the company’s stock after acquiring an additional 34,444 shares during the period. State of Alaska Department of Revenue’s holdings in TEGNA were worth $2,645,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Meritage Portfolio Management boosted its stake in TEGNA by 2.7% during the 2nd quarter. Meritage Portfolio Management now owns 25,801 shares of the company’s stock worth $432,000 after purchasing an additional 688 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of TEGNA by 12.6% in the second quarter. Parkside Financial Bank & Trust now owns 6,295 shares of the company’s stock valued at $106,000 after buying an additional 706 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of TEGNA by 2.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 36,978 shares of the company’s stock worth $620,000 after buying an additional 838 shares during the period. Cetera Investment Advisers grew its holdings in shares of TEGNA by 3.4% during the second quarter. Cetera Investment Advisers now owns 30,304 shares of the company’s stock worth $508,000 after buying an additional 1,007 shares during the last quarter. Finally, Financial Consulate Inc. acquired a new position in TEGNA in the 3rd quarter valued at about $29,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Price Performance

TEGNA stock opened at $18.96 on Wednesday. The company has a market cap of $3.05 billion, a P/E ratio of 8.94 and a beta of 0.13. TEGNA Inc. has a one year low of $14.87 and a one year high of $21.35. The business has a fifty day moving average of $19.53 and a two-hundred day moving average of $19.38. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.22 and a current ratio of 2.22.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The company had revenue of $650.79 million for the quarter, compared to analyst estimates of $658.28 million. TEGNA had a return on equity of 12.50% and a net margin of 11.97%.The business’s revenue for the quarter was down 19.3% compared to the same quarter last year. During the same period last year, the company earned $0.94 earnings per share. As a group, analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, December 5th. TEGNA’s dividend payout ratio (DPR) is presently 23.58%.

Wall Street Analyst Weigh In

Several analysts have commented on TGNA shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TEGNA in a research note on Monday, December 29th. Zacks Research lowered TEGNA from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. Finally, Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, TEGNA currently has an average rating of “Hold” and a consensus price target of $19.75.

TEGNA Company Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.