Stevens Capital Management LP trimmed its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 57.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 69,964 shares of the company’s stock after selling 96,016 shares during the period. Stevens Capital Management LP’s holdings in TEGNA were worth $797,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in TGNA. Schwab Charles Investment Management Inc. boosted its stake in shares of TEGNA by 7.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,154,966 shares of the company’s stock worth $16,262,000 after buying an additional 80,329 shares during the last quarter. Oakbrook Investments LLC purchased a new position in shares of TEGNA in the 4th quarter worth $256,000. State of Alaska Department of Revenue purchased a new position in shares of TEGNA in the 4th quarter worth $177,000. Strs Ohio boosted its stake in shares of TEGNA by 30.4% in the 4th quarter. Strs Ohio now owns 750,000 shares of the company’s stock worth $10,560,000 after buying an additional 175,000 shares during the last quarter. Finally, James Investment Research Inc. purchased a new position in shares of TEGNA in the 4th quarter worth $2,011,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.
NYSE TGNA opened at $10.61 on Thursday. The firm has a market cap of $2.36 billion, a P/E ratio of 9.82, a P/E/G ratio of 0.45 and a beta of 1.60. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 3.08. TEGNA Inc. has a fifty-two week low of $10.00 and a fifty-two week high of $15.62.
TEGNA (NYSE:TGNA) last released its earnings results on Tuesday, May 8th. The company reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.03. The company had revenue of $502.10 million for the quarter, compared to the consensus estimate of $497.35 million. TEGNA had a return on equity of 27.89% and a net margin of 23.56%. TEGNA’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. equities research analysts anticipate that TEGNA Inc. will post 1.7 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 8th will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, June 7th. This represents a $0.28 annualized dividend and a yield of 2.64%. TEGNA’s dividend payout ratio (DPR) is presently 25.93%.
TGNA has been the topic of a number of research reports. Guggenheim set a $16.00 price target on TEGNA and gave the stock a “buy” rating in a research note on Thursday, April 12th. Zacks Investment Research upgraded TEGNA from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, March 6th. Benchmark restated a “buy” rating and issued a $19.00 price target on shares of TEGNA in a research note on Thursday, February 22nd. Noble Financial restated a “buy” rating on shares of TEGNA in a research note on Friday, March 2nd. Finally, Barrington Research restated a “buy” rating and issued a $18.00 price target on shares of TEGNA in a research note on Tuesday, May 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $15.09.
In related news, Director Neal Shapiro sold 12,385 shares of TEGNA stock in a transaction on Friday, March 16th. The stock was sold at an average price of $12.57, for a total transaction of $155,679.45. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Lynn B. Trelstad sold 3,112 shares of TEGNA stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $12.85, for a total value of $39,989.20. Following the transaction, the chief operating officer now owns 24,152 shares in the company, valued at $310,353.20. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by insiders.
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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