TIAA CREF Investment Management LLC lowered its position in shares of TEGNA Inc. (NYSE:TGNA) by 5.7% in the fourth quarter, Holdings Channel reports. The fund owned 311,823 shares of the company’s stock after selling 19,013 shares during the quarter. TIAA CREF Investment Management LLC’s holdings in TEGNA were worth $4,390,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the business. Teachers Advisors LLC raised its holdings in shares of TEGNA by 3.0% during the fourth quarter. Teachers Advisors LLC now owns 252,788 shares of the company’s stock valued at $3,559,000 after acquiring an additional 7,295 shares during the last quarter. Two Sigma Advisers LP raised its holdings in shares of TEGNA by 23.2% during the fourth quarter. Two Sigma Advisers LP now owns 115,111 shares of the company’s stock valued at $1,621,000 after acquiring an additional 21,700 shares during the last quarter. Ellington Management Group LLC acquired a new position in shares of TEGNA during the fourth quarter valued at approximately $887,000. Stone Ridge Asset Management LLC acquired a new position in shares of TEGNA during the fourth quarter valued at approximately $1,471,000. Finally, Cornercap Investment Counsel Inc. acquired a new position in shares of TEGNA during the fourth quarter valued at approximately $811,000. 99.91% of the stock is owned by institutional investors and hedge funds.
NYSE:TGNA opened at $10.63 on Friday. TEGNA Inc. has a one year low of $10.46 and a one year high of $16.77. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 3.02. The company has a market capitalization of $2,414.75, a P/E ratio of 9.57, a P/E/G ratio of 5.38 and a beta of 1.57.
TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Thursday, March 1st. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. TEGNA had a return on equity of 19.56% and a net margin of 20.74%. The firm had revenue of $480.45 million during the quarter, compared to analysts’ expectations of $491.79 million. During the same quarter last year, the firm earned $0.74 earnings per share. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. equities research analysts anticipate that TEGNA Inc. will post 1.69 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Friday, March 9th were issued a $0.07 dividend. The ex-dividend date of this dividend was Thursday, March 8th. This represents a $0.28 annualized dividend and a dividend yield of 2.63%. TEGNA’s dividend payout ratio is presently 25.93%.
TGNA has been the subject of a number of research analyst reports. ValuEngine raised TEGNA from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Wells Fargo raised TEGNA from a “market perform” rating to an “outperform” rating and set a $19.00 target price for the company in a report on Thursday, January 4th. Zacks Investment Research cut TEGNA from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Benchmark reissued a “buy” rating and set a $19.00 target price on shares of TEGNA in a report on Thursday, February 22nd. Finally, Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a report on Friday, March 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $15.56.
In other TEGNA news, COO Lynn B. Trelstad sold 3,112 shares of the firm’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $12.85, for a total transaction of $39,989.20. Following the completion of the sale, the chief operating officer now owns 24,152 shares of the company’s stock, valued at $310,353.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Neal Shapiro sold 12,385 shares of the firm’s stock in a transaction on Friday, March 16th. The stock was sold at an average price of $12.57, for a total value of $155,679.45. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by company insiders.
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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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