Nomura Holdings Inc. Invests $5.76 Million in TEGNA Inc. (TGNA)
Nomura Holdings Inc. acquired a new stake in TEGNA Inc. (NYSE:TGNA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 400,025 shares of the company’s stock, valued at approximately $5,764,000. Nomura Holdings Inc. owned 0.19% of TEGNA at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rhumbline Advisers grew its position in shares of TEGNA by 4.4% in the 2nd quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock valued at $5,373,000 after acquiring an additional 15,555 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of TEGNA by 3.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 975,530 shares of the company’s stock worth $24,994,000 after buying an additional 36,990 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of TEGNA by 22.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,957,427 shares of the company’s stock worth $42,616,000 after buying an additional 546,885 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of TEGNA by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 335,146 shares of the company’s stock worth $8,586,000 after buying an additional 6,943 shares during the period. Finally, OppenheimerFunds Inc. boosted its holdings in shares of TEGNA by 0.4% during the 1st quarter. OppenheimerFunds Inc. now owns 15,799 shares of the company’s stock worth $405,000 after buying an additional 67 shares during the period. 98.00% of the stock is owned by institutional investors.
Several analysts recently commented on the stock. BidaskClub downgraded shares of TEGNA from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Zacks Investment Research downgraded shares of TEGNA from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. ValuEngine raised shares of TEGNA from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Royal Bank Of Canada assumed coverage on shares of TEGNA in a report on Tuesday, September 26th. They set a “sector perform” rating and a $14.00 target price for the company. Finally, Benchmark Co. reaffirmed a “buy” rating and set a $20.00 target price on shares of TEGNA in a report on Friday, June 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $18.63.
TEGNA Inc. (NYSE:TGNA) traded down 0.69% during mid-day trading on Wednesday, reaching $12.88. 349,205 shares of the company’s stock were exchanged. TEGNA Inc. has a 52-week low of $12.01 and a 52-week high of $26.65. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 7.12 and a beta of 1.73. The company has a 50-day moving average of $12.75 and a 200-day moving average of $14.41.
TEGNA (NYSE:TGNA) last issued its earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The firm had revenue of $489.36 million during the quarter, compared to analyst estimates of $486.29 million. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business earned $0.50 earnings per share. Equities research analysts anticipate that TEGNA Inc. will post $1.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.28 dividend on an annualized basis and a yield of 2.16%. TEGNA’s dividend payout ratio is presently 16.97%.
TEGNA declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to buy up to 11.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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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