Russell Investments Group Ltd. cut its stake in TEGNA Inc. (NYSE:TGNA) by 33.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 248,981 shares of the company’s stock after selling 125,334 shares during the period. Russell Investments Group Ltd. owned 0.12% of TEGNA worth $6,385,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in TGNA. Virtus Investment Advisers Inc. purchased a new position in shares of TEGNA during the third quarter worth $121,000. Fuller & Thaler Asset Management Inc. raised its stake in shares of TEGNA by 221.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 6,100 shares of the company’s stock worth $133,000 after buying an additional 4,200 shares in the last quarter. Seven Eight Capital LP acquired a new stake in shares of TEGNA during the fourth quarter worth $178,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of TEGNA by 7.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,552 shares of the company’s stock worth $183,000 after buying an additional 563 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of TEGNA by 3,846.0% in the first quarter. Huntington National Bank now owns 11,838 shares of the company’s stock worth $303,000 after buying an additional 11,538 shares in the last quarter. 86.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TEGNA Inc. (TGNA) traded up 0.53% during trading on Monday, reaching $15.26. The company had a trading volume of 3,735,044 shares. The firm has a 50-day moving average of $20.70 and a 200 day moving average of $23.10. The firm has a market capitalization of $3.28 billion, a PE ratio of 8.15 and a beta of 1.79. TEGNA Inc. has a 1-year low of $14.02 and a 1-year 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 (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.33. TEGNA had a net margin of 12.25% and a return on equity of 19.16%. The firm had revenue of $778.50 million for the quarter, compared to the consensus estimate of $799.54 million. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. Analysts expect that TEGNA Inc. will post $1.39 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders 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 is Wednesday, June 7th. TEGNA’s dividend payout ratio is currently 14.97%.
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A number of research analysts have issued reports on TGNA shares. FBR & Co reiterated an “outperform” rating and set a $30.00 price objective (up previously from $28.00) on shares of TEGNA in a research note on Tuesday, February 28th. Benchmark Co. boosted their price target on TEGNA from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, February 28th. Jefferies Group LLC reiterated a “hold” rating and set a $26.00 price objective on shares of TEGNA in a research report on Tuesday, February 28th. Barrington Research reissued an “outperform” rating and set a $36.00 price target (up previously from $28.00) on shares of TEGNA in a report on Tuesday, March 7th. Finally, TheStreet upgraded TEGNA from a “c” rating to a “b” rating in a research report on Thursday, March 30th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $23.72.
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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