Pinnacle Associates Ltd. Sells 162,667 Shares of TEGNA Inc. (TGNA)
Pinnacle Associates Ltd. lowered its stake in TEGNA Inc. (NYSE:TGNA) by 4.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 3,809,642 shares of the company’s stock after selling 162,667 shares during the period. TEGNA comprises 1.1% of Pinnacle Associates Ltd.’s holdings, making the stock its 15th largest position. Pinnacle Associates Ltd. owned 1.77% of TEGNA worth $54,897,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new position in shares of TEGNA during the first quarter valued at $131,000. Peak Asset Management LLC purchased a new position in shares of TEGNA during the first quarter valued at $205,000. Clifford Swan Investment Counsel LLC purchased a new position in shares of TEGNA during the first quarter valued at $207,000. Shoker Investment Counsel Inc. purchased a new position in shares of TEGNA during the first quarter valued at $218,000. Finally, Chemung Canal Trust Co. purchased a new position in shares of TEGNA during the first quarter valued at $224,000. 97.96% of the stock is currently owned by institutional investors.
TEGNA Inc. (TGNA) traded up 1.58% on Friday, reaching $12.82. 242,721 shares of the company’s stock were exchanged. The company has a market capitalization of $2.76 billion, a PE ratio of 15.67 and a beta of 1.75. TEGNA Inc. has a 1-year low of $12.31 and a 1-year high of $26.65. The company has a 50 day moving average price of $13.66 and a 200-day moving average price of $15.11.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The firm had revenue of $489.36 million for the quarter, compared to analyst estimates of $486.29 million. During the same period last year, the company earned $0.50 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that TEGNA Inc. will post $1.09 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Thursday, September 7th. TEGNA’s payout ratio is 16.97%.
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Several research analysts have recently weighed in on the stock. ValuEngine raised shares of TEGNA from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Noble Financial reissued a “buy” rating on shares of TEGNA in a research report on Thursday, August 3rd. BidaskClub cut shares of TEGNA from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. Jefferies Group LLC reissued a “hold” rating and set a $14.00 price target (down previously from $16.00) on shares of TEGNA in a research report on Wednesday, August 2nd. Finally, TheStreet cut shares of TEGNA from a “b” rating to a “c+” rating in a research report on Thursday, July 13th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. TEGNA presently has an average rating of “Hold” and an average target price 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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