Smead Capital Management Inc. cut its stake in shares of TEGNA Inc. (NYSE:TGNA) by 2.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,546,803 shares of the company’s stock after selling 82,696 shares during the period. TEGNA comprises about 2.5% of Smead Capital Management Inc.’s investment portfolio, making the stock its 20th largest position. Smead Capital Management Inc. owned approximately 1.65% of TEGNA worth $51,109,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in TGNA. Ameritas Investment Partners Inc. purchased a new stake in shares of TEGNA during the first quarter valued at approximately $131,000. Peak Asset Management LLC purchased a new stake in shares of TEGNA during the first quarter valued at approximately $205,000. Clifford Swan Investment Counsel LLC purchased a new stake in shares of TEGNA during the first quarter valued at approximately $207,000. Greatmark Investment Partners Inc. purchased a new stake in shares of TEGNA during the first quarter valued at approximately $213,000. Finally, Shoker Investment Counsel Inc. purchased a new stake in shares of TEGNA during the first quarter valued at approximately $218,000. 86.66% of the stock is owned by institutional investors and hedge funds.
Shares of TEGNA Inc. (TGNA) opened at 14.62 on Wednesday. TEGNA Inc. has a 12 month low of $14.03 and a 12 month high of $26.65. The company has a market cap of $3.14 billion, a PE ratio of 7.81 and a beta of 1.75. The firm’s 50-day moving average price is $14.70 and its 200-day moving average price is $21.43.
TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The company had revenue of $489.36 million for the quarter, compared to analyst estimates of $486.29 million. TEGNA had a return on equity of 19.16% and a net margin of 12.25%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. Equities analysts predict that TEGNA Inc. will post $1.22 EPS for the current fiscal year.
The firm also recently announced 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. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.92%. TEGNA’s dividend payout ratio is currently 14.97%.
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Several equities research analysts recently commented on the company. ValuEngine raised TEGNA from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. FBR & Co decreased their target price on TEGNA from $24.00 to $16.00 and set a “mkt perform” rating for the company in a research report on Friday, July 28th. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a research report on Thursday, July 13th. TheStreet cut TEGNA from a “b” rating to a “c+” rating in a research report on Thursday, July 13th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $16.00 target price on shares of TEGNA in a research report on Thursday, June 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. TEGNA has a consensus rating of “Hold” and a consensus price target of $21.69.
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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