Swiss National Bank lifted its position in shares of TEGNA Inc. (NYSE:TGNA) by 2.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 400,600 shares of the company’s stock after purchasing an additional 8,200 shares during the quarter. Swiss National Bank owned 0.19% of TEGNA worth $6,069,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. Municipal Employees Retirement System of Michigan grew its stake in TEGNA by 1.7% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 39,900 shares of the company’s stock valued at $604,000 after purchasing an additional 650 shares during the period. Investors Research Corp grew its stake in TEGNA by 4.8% in the 2nd quarter. Investors Research Corp now owns 17,475 shares of the company’s stock valued at $265,000 after purchasing an additional 800 shares during the period. Quantamental Technologies LLC grew its stake in TEGNA by 8.7% in the 1st quarter. Quantamental Technologies LLC now owns 20,088 shares of the company’s stock valued at $283,000 after purchasing an additional 1,600 shares during the period. Mason Street Advisors LLC grew its stake in TEGNA by 1.8% in the 1st quarter. Mason Street Advisors LLC now owns 114,757 shares of the company’s stock valued at $1,618,000 after purchasing an additional 1,982 shares during the period. Finally, Arizona State Retirement System grew its stake in TEGNA by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 157,022 shares of the company’s stock valued at $2,379,000 after purchasing an additional 2,064 shares during the period. 97.48% of the stock is currently owned by institutional investors.
TGNA has been the subject of several research reports. Stephens downgraded TEGNA from an “overweight” rating to an “equal” rating and cut their price target for the stock from $19.00 to $17.00 in a research note on Tuesday, June 11th. Zacks Investment Research downgraded TEGNA from a “hold” rating to a “sell” rating and set a $16.00 price target for the company. in a research note on Wednesday, August 7th. Cannonball Research initiated coverage on TEGNA in a research note on Wednesday, August 21st. They set a “neutral” rating and a $17.00 price target for the company. Barrington Research reiterated a “buy” rating and set a $18.00 price target on shares of TEGNA in a research note on Tuesday, August 6th. Finally, Wolfe Research upgraded TEGNA from a “market perform” rating to an “outperform” rating in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $17.14.
TEGNA (NYSE:TGNA) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.03. TEGNA had a return on equity of 28.43% and a net margin of 18.24%. The firm had revenue of $536.90 million for the quarter, compared to analysts’ expectations of $534.10 million. During the same quarter last year, the firm posted $0.36 EPS. The company’s revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts expect that TEGNA Inc. will post 1.22 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be issued a $0.07 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.28 annualized dividend and a dividend yield of 2.00%. TEGNA’s payout ratio is currently 15.30%.
TEGNA Company Profile
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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