Gotham Asset Management LLC Acquires 166,268 Shares of TEGNA Inc. (TGNA)

Gotham Asset Management LLC raised its stake in shares of TEGNA Inc. (NYSE:TGNA) by 30.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 713,003 shares of the company’s stock after buying an additional 166,268 shares during the period. Gotham Asset Management LLC owned about 0.33% of TEGNA worth $18,267,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. boosted its stake in shares of TEGNA by 2.0% in the first quarter. Sei Investments Co. now owns 175,358 shares of the company’s stock valued at $4,493,000 after buying an additional 3,382 shares during the last quarter. Clark Capital Management Group Inc. acquired a new stake in shares of TEGNA during the first quarter valued at approximately $14,889,000. BNP Paribas Arbitrage SA boosted its stake in shares of TEGNA by 11.2% in the first quarter. BNP Paribas Arbitrage SA now owns 179,586 shares of the company’s stock valued at $4,601,000 after buying an additional 18,019 shares during the last quarter. DnB Asset Management AS boosted its stake in shares of TEGNA by 27.5% in the first quarter. DnB Asset Management AS now owns 15,779 shares of the company’s stock valued at $404,000 after buying an additional 3,400 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of TEGNA by 9.3% in the first quarter. Schroder Investment Management Group now owns 2,076,776 shares of the company’s stock valued at $53,705,000 after buying an additional 176,474 shares during the last quarter. Institutional investors own 86.60% of the company’s stock.

Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

Shares of TEGNA Inc. (NYSE TGNA) traded up 0.53% during trading on Monday, reaching $15.26. 3,735,044 shares of the company were exchanged. The stock’s 50-day moving average is $20.70 and its 200-day moving average is $23.10. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 8.15 and a beta of 1.79. TEGNA Inc. has a 52-week low of $14.02 and a 52-week high of $26.65.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Tuesday, May 9th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. TEGNA had a net margin of 12.25% and a return on equity of 19.16%. The business had revenue of $778.50 million for the quarter, compared to analysts’ expectations of $799.54 million. During the same period in the previous year, the company earned $0.45 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Equities research analysts predict that TEGNA Inc. will post $1.39 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 9th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Wednesday, June 7th. TEGNA’s dividend payout ratio (DPR) is presently 14.97%.

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A number of analysts recently commented on TGNA shares. FBR & Co cut shares of TEGNA from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $29.00 to $24.00 in a research report on Wednesday, May 10th. Benchmark Co. upped their price objective on shares of TEGNA from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, February 28th. Barrington Research restated an “outperform” rating and issued a $36.00 price objective (up previously from $28.00) on shares of TEGNA in a research report on Tuesday, March 7th. Jefferies Group LLC restated a “hold” rating and issued a $26.00 price objective on shares of TEGNA in a research report on Tuesday, February 28th. Finally, ValuEngine cut shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $23.72.

TEGNA Company Profile

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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