Meeder Asset Management Inc. reduced its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 71.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,016 shares of the company’s stock after selling 90,255 shares during the period. Meeder Asset Management Inc.’s holdings in TEGNA were worth $480,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of TGNA. Diamond Hill Capital Management Inc. lifted its position in TEGNA by 0.5% during 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 buying an additional 57,105 shares during the period. Rhumbline Advisers raised its position in shares of TEGNA by 4.4% in the 2nd quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock worth $5,373,000 after purchasing an additional 15,555 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in TEGNA by 3.9% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 975,530 shares of the company’s stock worth $24,994,000 after buying an additional 36,990 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in TEGNA by 22.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,957,427 shares of the company’s stock worth $42,616,000 after buying an additional 546,885 shares in the last quarter. Finally, Clinton Group Inc. increased its holdings in TEGNA by 711.1% in the 2nd quarter. Clinton Group Inc. now owns 302,168 shares of the company’s stock worth $4,354,000 after buying an additional 264,914 shares in the last quarter. Hedge funds and other institutional investors own 97.19% of the company’s stock.
A number of equities research analysts have issued reports on the company. FBR & Co restated a “hold” rating and set a $15.00 price target on shares of TEGNA in a research note on Wednesday, September 20th. ValuEngine raised TEGNA from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. B. Riley reaffirmed a “neutral” rating on shares of TEGNA in a report on Wednesday, November 1st. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a report on Thursday, August 3rd. Finally, BidaskClub downgraded TEGNA from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $18.44.
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TEGNA Inc. (NYSE TGNA) traded down $0.16 during trading on Friday, reaching $12.50. The company had a trading volume of 2,409,300 shares, compared to its average volume of 3,621,588. The company has a debt-to-equity ratio of 4.30, a quick ratio of 2.49 and a current ratio of 1.37. TEGNA Inc. has a 12-month low of $11.59 and a 12-month high of $17.08. The firm has a market capitalization of $2,724.50, a price-to-earnings ratio of 7.96, a price-to-earnings-growth ratio of 1.92 and a beta of 1.69.
TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $464.26 million for the quarter, compared to analyst estimates of $463.23 million. TEGNA had a return on equity of 20.50% and a net margin of 11.10%. TEGNA’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same period last year, the company earned $0.65 earnings per share. sell-side analysts anticipate that TEGNA Inc. will post 1.1 earnings per share for the current fiscal year.
TEGNA declared that its Board of Directors has approved a share buyback program on Tuesday, September 19th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.28 dividend on an annualized basis and a yield of 2.24%. TEGNA’s payout ratio is 20.90%.
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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