Bank of New York Mellon Corp increased its stake in shares of Tegna Inc (NYSE:TGNA) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,995,907 shares of the company’s stock after purchasing an additional 38,480 shares during the quarter. Bank of New York Mellon Corp owned 1.39% of Tegna worth $39,934,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of TGNA. Diamond Hill Capital Management Inc. lifted its holdings in Tegna by 0.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock valued at $148,994,000 after acquiring an additional 57,105 shares during the period. Empirical Finance LLC lifted its holdings in Tegna by 75.0% in the third quarter. Empirical Finance LLC now owns 123,668 shares of the company’s stock valued at $1,649,000 after acquiring an additional 52,993 shares during the period. Rhumbline Advisers lifted its holdings in Tegna by 4.4% in the second quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock valued at $5,373,000 after acquiring an additional 15,555 shares during the period. Clinton Group Inc. lifted its holdings in Tegna by 711.1% in the second quarter. Clinton Group Inc. now owns 302,168 shares of the company’s stock valued at $4,354,000 after acquiring an additional 264,914 shares during the period. Finally, Fairpointe Capital LLC lifted its holdings in Tegna by 13.3% in the second quarter. Fairpointe Capital LLC now owns 8,478,230 shares of the company’s stock valued at $122,171,000 after acquiring an additional 993,543 shares during the period. 99.89% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on TGNA shares. ValuEngine downgraded Tegna from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research downgraded Tegna from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. FBR & Co reissued a “hold” rating and issued a $15.00 target price on shares of Tegna in a report on Wednesday, November 1st. BidaskClub raised Tegna from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Finally, Royal Bank Of Canada started coverage on Tegna in a report on Tuesday, September 26th. They issued a “sector perform” rating and a $14.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $17.88.
Tegna Inc (NYSE:TGNA) traded down $0.16 during trading hours on Thursday, hitting $13.62. The stock had a trading volume of 1,598,200 shares, compared to its average volume of 3,518,224. The firm has a market cap of $2,965.54, a P/E ratio of 8.67, a PEG ratio of 10.48 and a beta of 1.72. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 4.30. Tegna Inc has a fifty-two week low of $11.59 and a fifty-two week high of $17.08.
Tegna (NYSE:TGNA) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. The business had revenue of $464.26 million during the quarter, compared to the consensus estimate of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The business’s revenue was down 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 EPS. equities analysts forecast that Tegna Inc will post 1.07 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Thursday, December 7th. Tegna’s dividend payout ratio (DPR) is presently 20.90%.
Tegna announced that its board has approved a share repurchase program on Tuesday, September 19th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to buy up to 11.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Tegna Company Profile
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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