Dimensional Fund Advisors LP Acquires 392,936 Shares of TEGNA Inc. (TGNA)
Dimensional Fund Advisors LP lifted its holdings in TEGNA Inc. (NYSE:TGNA) by 8.0% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 5,327,077 shares of the company’s stock after acquiring an additional 392,936 shares during the quarter. Dimensional Fund Advisors LP owned 2.48% of TEGNA worth $76,767,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in TGNA. BlackRock Inc. lifted its holdings in shares of TEGNA by 3,145.3% in the 1st quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock worth $340,917,000 after acquiring an additional 12,896,690 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of TEGNA by 90.5% in the 2nd quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock worth $185,828,000 after acquiring an additional 6,127,293 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of TEGNA by 126.6% in the 2nd quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock worth $84,289,000 after acquiring an additional 3,268,362 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of TEGNA by 31.7% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock worth $160,243,000 after acquiring an additional 2,676,789 shares during the last quarter. Finally, Laurion Capital Management LP bought a new stake in shares of TEGNA in the 2nd quarter worth approximately $26,294,000. Hedge funds and other institutional investors own 98.00% of the company’s stock.
A number of brokerages have recently weighed in on TGNA. ValuEngine upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. BidaskClub upgraded shares of TEGNA from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Royal Bank Of Canada initiated coverage on shares of TEGNA in a report on Tuesday, September 26th. They issued a “sector perform” rating and a $14.00 price objective for the company. Wells Fargo & Company reiterated a “hold” rating and set a $14.00 price target on shares of TEGNA in a report on Friday, September 22nd. Finally, FBR & Co reiterated a “hold” rating and set a $15.00 price target on shares of TEGNA in a report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $18.63.
Shares of TEGNA Inc. (NYSE TGNA) opened at 13.40 on Monday. TEGNA Inc. has a 12-month low of $12.01 and a 12-month high of $26.65. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 16.38 and a beta of 1.72. The company’s 50-day moving average is $12.72 and its 200-day moving average is $14.48.
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. The company had revenue of $489.36 million during the quarter, compared to the consensus estimate of $486.29 million. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. TEGNA’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the company earned $0.50 earnings per share. Analysts predict that TEGNA Inc. will post $1.09 EPS for the current year.
TEGNA announced that its board has authorized a stock repurchase program on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were given a dividend of $0.07 per share. The ex-dividend date was Thursday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.09%. TEGNA’s dividend payout ratio (DPR) is 16.97%.
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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