Louisiana State Employees Retirement System raised its position in shares of TEGNA Inc. (NYSE:TGNA) by 324.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 56,000 shares of the company’s stock after buying an additional 42,800 shares during the period. Louisiana State Employees Retirement System’s holdings in TEGNA were worth $807,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. boosted its position 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. Vaughan Nelson Investment Management L.P. purchased a new position in TEGNA during the second quarter valued at approximately $24,986,000. Renaissance Technologies LLC boosted its position 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. Contrarius Investment Management Ltd purchased a new position in TEGNA during the first quarter valued at approximately $39,690,000. Finally, AQR Capital Management LLC boosted its position in shares of TEGNA by 43.4% in the first quarter. AQR Capital Management LLC now owns 3,683,617 shares of the company’s stock valued at $94,374,000 after buying an additional 1,115,202 shares during the last quarter. Hedge funds and other institutional investors own 90.09% of the company’s stock.
TEGNA Inc. (NYSE:TGNA) traded down 0.23% during trading on Monday, hitting $12.99. 1,301,510 shares of the stock were exchanged. The stock’s 50 day moving average is $14.36 and its 200-day moving average is $20.96. TEGNA Inc. has a one year low of $12.78 and a one year high of $26.65. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 15.88 and a beta of 1.75.
TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The business had revenue of $489.36 million for the quarter, compared to analysts’ expectations of $486.29 million. During the same period in the previous year, the business earned $0.50 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts expect that TEGNA Inc. will post $1.08 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors 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 dividend yield of 2.16%. The ex-dividend date is Thursday, September 7th. TEGNA’s dividend payout ratio is currently 16.97%.
Several brokerages have recently issued reports on TGNA. FBR & Co lowered their target price on shares of TEGNA from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Friday, May 5th. ValuEngine cut shares of TEGNA from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Jefferies Group LLC restated a “hold” rating and issued a $16.00 target price on shares of TEGNA in a report on Thursday, June 1st. Wells Fargo & Company reiterated an “outperform” rating and issued a $16.50 price target on shares of TEGNA in a research report on Thursday, June 1st. Finally, Benchmark Co. reiterated a “buy” rating and issued a $20.00 price target on shares of TEGNA in a research report on Friday, June 16th. 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. The company presently has an average rating of “Hold” and a consensus price target 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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