TIAA CREF Investment Management LLC cut its position in TEGNA Inc. (NYSE:TGNA) by 25.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 333,202 shares of the company’s stock after selling 112,730 shares during the period. TIAA CREF Investment Management LLC owned about 0.16% of TEGNA worth $4,801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Empirical Finance LLC purchased a new stake in shares of TEGNA in the second quarter worth $1,019,000. FNY Partners Fund LP purchased a new stake in shares of TEGNA in the second quarter worth $158,000. Uniplan Investment Counsel Inc. increased its stake in shares of TEGNA by 9.9% in the second quarter. Uniplan Investment Counsel Inc. now owns 472,688 shares of the company’s stock worth $6,811,000 after purchasing an additional 42,544 shares in the last quarter. Riverhead Capital Management LLC increased its stake in shares of TEGNA by 7.9% in the second quarter. Riverhead Capital Management LLC now owns 174,635 shares of the company’s stock worth $2,517,000 after purchasing an additional 12,743 shares in the last quarter. Finally, AMG Funds LLC increased its stake in shares of TEGNA by 6.1% in the second quarter. AMG Funds LLC now owns 109,626 shares of the company’s stock worth $1,580,000 after purchasing an additional 6,280 shares in the last quarter. 97.85% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on TGNA shares. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a research note on Thursday, July 13th. TheStreet cut shares of TEGNA from a “b” rating to a “c+” rating in a research note on Thursday, July 13th. ValuEngine raised shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. FBR & Co cut their target price on shares of TEGNA from $24.00 to $16.00 and set a “mkt perform” rating for the company in a research note on Friday, July 28th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $14.00 target price (down from $16.00) on shares of TEGNA in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.44.
TEGNA Inc. (NYSE:TGNA) opened at 12.53 on Friday. TEGNA Inc. has a 52-week low of $11.46 and a 52-week high of $17.06. The firm’s 50-day moving average is $12.77 and its 200 day moving average is $14.13. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 15.32 and a beta of 1.73.
TEGNA (NYSE:TGNA) last released its earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The business had revenue of $489.36 million during the quarter, compared to analyst estimates of $486.29 million. During the same quarter in the prior year, the firm earned $0.50 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities research analysts predict that TEGNA Inc. will post $1.10 EPS for the current fiscal year.
TEGNA announced that its Board of Directors has initiated a share buyback plan on Tuesday, September 19th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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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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