Shell Asset Management Co. bought a new stake in TEGNA Inc. (NYSE:TGNA) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 70,643 shares of the company’s stock, valued at approximately $845,000.
Several other large investors have also recently modified their holdings of TGNA. Vaughan Nelson Investment Management L.P. increased its stake in shares of TEGNA by 35.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 3,963,036 shares of the company’s stock valued at $47,398,000 after acquiring an additional 1,034,575 shares during the last quarter. American International Group Inc. increased its stake in shares of TEGNA by 0.9% in the 3rd quarter. American International Group Inc. now owns 626,124 shares of the company’s stock valued at $7,488,000 after acquiring an additional 5,451 shares during the last quarter. BlackRock Inc. increased its stake in shares of TEGNA by 1.3% in the 3rd quarter. BlackRock Inc. now owns 24,772,555 shares of the company’s stock valued at $296,279,000 after acquiring an additional 328,696 shares during the last quarter. Martingale Asset Management L P increased its stake in shares of TEGNA by 244.8% in the 3rd quarter. Martingale Asset Management L P now owns 162,261 shares of the company’s stock valued at $1,941,000 after acquiring an additional 115,202 shares during the last quarter. Finally, Hourglass Capital LLC increased its stake in shares of TEGNA by 22.8% in the 3rd quarter. Hourglass Capital LLC now owns 30,150 shares of the company’s stock valued at $361,000 after acquiring an additional 5,600 shares during the last quarter. Institutional investors own 94.22% of the company’s stock.
NYSE TGNA opened at $12.81 on Thursday. TEGNA Inc. has a 52-week low of $10.00 and a 52-week high of $15.60. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.47 and a quick ratio of 1.47. The company has a market cap of $2.76 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 0.36 and a beta of 1.55.
TEGNA (NYSE:TGNA) last posted its earnings results on Thursday, November 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. TEGNA had a return on equity of 28.02% and a net margin of 26.46%. The business had revenue of $539.00 million during the quarter, compared to analysts’ expectations of $537.68 million. During the same period in the prior year, the business earned $0.23 EPS. TEGNA’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, sell-side analysts expect that TEGNA Inc. will post 1.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 7th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.28 dividend on an annualized basis and a yield of 2.19%. TEGNA’s payout ratio is 25.93%.
A number of analysts have recently commented on the company. Zacks Investment Research cut TEGNA from a “buy” rating to a “hold” rating in a research note on Thursday, November 29th. ValuEngine raised TEGNA from a “sell” rating to a “hold” rating in a research note on Wednesday, November 28th. Gabelli began coverage on TEGNA in a research note on Tuesday, November 27th. They set a “buy” rating for the company. Finally, Noble Financial reissued a “buy” rating on shares of TEGNA in a research note on Friday, November 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.58.
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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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