Smead Capital Management Inc. Has $46.64 Million Holdings in TEGNA Inc. (TGNA)
Smead Capital Management Inc. decreased its holdings in TEGNA Inc. (NYSE:TGNA) by 1.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,498,845 shares of the company’s stock after selling 47,958 shares during the quarter. TEGNA accounts for about 2.2% of Smead Capital Management Inc.’s portfolio, making the stock its 20th largest holding. Smead Capital Management Inc. owned approximately 1.63% of TEGNA worth $46,640,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the business. Synovus Financial Corp increased its holdings in TEGNA by 4.4% in the 2nd quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after buying an additional 438 shares during the period. FNY Partners Fund LP bought a new position in TEGNA in the 2nd quarter valued at about $158,000. Cambridge Investment Research Advisors Inc. increased its holdings in TEGNA by 4.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock valued at $182,000 after buying an additional 499 shares during the period. HPM Partners LLC increased its holdings in TEGNA by 0.6% in the 2nd quarter. HPM Partners LLC now owns 12,764 shares of the company’s stock valued at $184,000 after buying an additional 77 shares during the period. Finally, First Personal Financial Services bought a new position in TEGNA in the 2nd quarter valued at about $192,000. Institutional investors and hedge funds own 97.76% of the company’s stock.
TEGNA Inc. (NYSE TGNA) traded down $0.16 during trading hours on Monday, reaching $12.50. 2,409,300 shares of the company traded hands, compared to its average volume of 3,621,588. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 4.30. TEGNA Inc. has a twelve month low of $11.59 and a twelve month high of $17.08. The firm has a market cap of $2,690.07, a P/E ratio of 7.86, a PEG ratio of 9.24 and a beta of 1.69.
TEGNA (NYSE:TGNA) last posted its earnings results on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. TEGNA had a net margin of 11.10% and a return on equity of 20.50%. The business had revenue of $464.26 million for the quarter, compared to the consensus estimate of $463.23 million. During the same period last year, the company earned $0.65 EPS. The firm’s revenue was down 10.7% compared to the same quarter last year. equities analysts predict that TEGNA Inc. will post 1.1 earnings per share for the current fiscal year.
TEGNA announced that its board has approved a stock repurchase program on Tuesday, September 19th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.28 annualized dividend and a yield of 2.24%. TEGNA’s dividend payout ratio is presently 20.90%.
TGNA has been the topic of several recent analyst reports. FBR & Co reissued a “hold” rating and issued a $15.00 target price on shares of TEGNA in a report on Wednesday, September 20th. Noble Financial reissued a “buy” rating on shares of TEGNA in a report on Thursday, August 3rd. BidaskClub lowered shares of TEGNA from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. Zacks Investment Research raised shares of TEGNA from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $14.00 price target (down from $16.00) on shares of TEGNA in a report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. TEGNA currently has an average rating of “Hold” and a consensus price target of $18.44.
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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