Monarch Capital Management Inc. maintained its stake in shares of Tegna Inc. (NYSE:TGNA) during the second quarter, Holdings Channel reports. The fund owned 14,625 shares of the company’s stock at the end of the second quarter. Monarch Capital Management Inc.’s holdings in Tegna were worth $339,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Conning Inc. boosted its position in Tegna by 1.1% in the second quarter. Conning Inc. now owns 9,978 shares of the company’s stock valued at $231,000 after buying an additional 110 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in Tegna by 2.9% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 16,638 shares of the company’s stock valued at $385,000 after buying an additional 470 shares during the period. DNB Asset Management AS boosted its position in Tegna by 6.1% in the second quarter. DNB Asset Management AS now owns 12,179 shares of the company’s stock valued at $282,000 after buying an additional 700 shares during the period. Nisa Investment Advisors LLC boosted its position in Tegna by 1.5% in the second quarter. Nisa Investment Advisors LLC now owns 47,900 shares of the company’s stock valued at $1,110,000 after buying an additional 710 shares during the period. Finally, Magnetar Financial LLC boosted its position in Tegna by 10.7% in the first quarter. Magnetar Financial LLC now owns 16,781 shares of the company’s stock valued at $394,000 after buying an additional 1,622 shares during the period. 88.00% of the stock is currently owned by hedge funds and other institutional investors.
Tegna Inc. (NYSE:TGNA) traded down 0.276% during midday trading on Monday, hitting $19.885. The stock had a trading volume of 834,038 shares. Tegna Inc. has a 52-week low of $19.71 and a 52-week high of $28.95. The firm has a market capitalization of $4.26 billion, a P/E ratio of 10.737 and a beta of 1.70. The firm has a 50-day moving average of $21.08 and a 200 day moving average of $22.33.
Tegna (NYSE:TGNA) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.03. The company had revenue of $811.79 million for the quarter, compared to analyst estimates of $814.56 million. Tegna had a net margin of 13.69% and a return on equity of 17.02%. Tegna’s revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company posted $0.30 earnings per share. On average, equities analysts forecast that Tegna Inc. will post $2.33 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 9th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.56 annualized dividend and a yield of 2.81%. Tegna’s dividend payout ratio (DPR) is 28.72%.
TGNA has been the topic of several analyst reports. TheStreet cut Tegna from a “buy” rating to a “hold” rating in a research report on Monday, August 22nd. Benchmark Co. initiated coverage on Tegna in a research report on Friday, August 19th. They issued a “buy” rating and a $26.00 price objective on the stock. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Tegna in a research report on Monday, September 26th. FBR & Co reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Tegna in a research report on Thursday, September 8th. Finally, Zacks Investment Research lowered shares of Tegna from a “hold” rating to a “sell” rating in a research note on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Tegna presently has a consensus rating of “Hold” and an average target price of $26.88.
Tegna Company Profile
TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). Its media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content.
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