GAM Holding AG decreased its stake in TEGNA Inc. (NYSE:TGNA) by 11.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 84,328 shares of the company’s stock after selling 11,155 shares during the quarter. GAM Holding AG’s holdings in TEGNA were worth $1,215,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Ameritas Investment Partners Inc. bought a new position in shares of TEGNA in the 1st quarter valued at approximately $131,000. ARS Investment Partners LLC bought a new position in shares of TEGNA in the 1st quarter valued at approximately $135,000. Iberiabank Corp bought a new position in TEGNA in the 2nd quarter worth approximately $170,000. First Personal Financial Services bought a new position in TEGNA in the 2nd quarter worth approximately $192,000. Finally, Peak Asset Management LLC bought a new position in TEGNA in the 1st quarter worth approximately $205,000. Hedge funds and other institutional investors own 97.96% of the company’s stock.
Shares of TEGNA Inc. (NYSE:TGNA) traded up 1.74% during midday trading on Friday, hitting $12.26. The company’s stock had a trading volume of 3,147,885 shares. The company has a market cap of $2.64 billion, a P/E ratio of 14.99 and a beta of 1.76. The company has a 50-day moving average price of $12.94 and a 200 day moving average price of $14.87. TEGNA Inc. has a 1-year low of $11.46 and a 1-year high of $17.06.
TEGNA (NYSE:TGNA) last issued its earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The company had revenue of $489.36 million for the quarter, compared to analysts’ expectations of $486.29 million. During the same quarter last year, the company posted $0.50 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts predict that TEGNA Inc. will post $1.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Thursday, September 7th. TEGNA’s dividend payout ratio is presently 16.97%.
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Several analysts have recently weighed in on the company. BidaskClub lowered TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a research note on Thursday, August 3rd. Zacks Investment Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Jefferies Group LLC reissued a “hold” rating and issued a $14.00 price objective (down previously from $16.00) on shares of TEGNA in a research note on Wednesday, August 2nd. Finally, FBR & Co reduced their price objective on TEGNA from $24.00 to $16.00 and set a “mkt perform” rating on the stock in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. TEGNA currently has an average rating of “Hold” and an average target price of $19.79.
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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