AMG Funds LLC increased its stake in TEGNA Inc. (NYSE:TGNA) by 6.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 109,626 shares of the company’s stock after acquiring an additional 6,280 shares during the quarter. AMG Funds LLC owned about 0.05% of TEGNA worth $1,580,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in TEGNA by 3,145.3% in the first quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock valued at $340,917,000 after buying an additional 12,896,690 shares during the period. Victory Capital Management Inc. lifted its stake in TEGNA by 90.5% in the second quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock valued at $185,828,000 after buying an additional 6,127,293 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in TEGNA by 31.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock valued at $160,243,000 after buying an additional 2,676,789 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in TEGNA in the second quarter valued at approximately $24,986,000. Finally, Renaissance Technologies LLC lifted its stake in TEGNA by 1,523.6% in the first quarter. Renaissance Technologies LLC now owns 1,813,600 shares of the company’s stock valued at $46,464,000 after buying an additional 1,701,900 shares during the period. 97.96% of the stock is currently owned by institutional investors.
Shares of TEGNA Inc. (NYSE TGNA) traded up 1.535% during trading on Friday, hitting $12.235. The stock had a trading volume of 598,254 shares. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 14.957 and a beta of 1.76. TEGNA Inc. has a 52 week low of $11.46 and a 52 week high of $17.06. The firm has a 50 day moving average price of $13.03 and a 200-day moving average price of $14.90.
TEGNA (NYSE:TGNA) last released its earnings results on Tuesday, August 1st. The company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. The company had revenue of $489.36 million during the quarter, compared to analysts’ expectations of $486.29 million. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 EPS. On average, equities research analysts forecast that TEGNA Inc. will post $1.09 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Thursday, September 7th. TEGNA’s payout ratio is 16.97%.
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TGNA has been the topic of several recent analyst reports. ValuEngine lowered TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research lowered TEGNA from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Benchmark Co. reissued a “buy” rating and issued a $20.00 price target on shares of TEGNA in a research note on Friday, June 16th. Wells Fargo & Company reissued an “outperform” rating and issued a $16.50 price target on shares of TEGNA in a research note on Thursday, June 1st. Finally, Noble Financial reissued a “buy” rating on shares of TEGNA in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $19.79.
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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