Ibex Investors LLC purchased a new position in shares of TEGNA Inc. (NYSE:TGNA) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 12,703 shares of the company’s stock, valued at approximately $179,000.
Other large investors have also recently added to or reduced their stakes in the company. Raymond James & Associates increased its position in TEGNA by 8.1% during the 1st quarter. Raymond James & Associates now owns 69,419 shares of the company’s stock worth $979,000 after buying an additional 5,225 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in TEGNA during the 1st quarter worth $196,000. IndexIQ Advisors LLC bought a new position in TEGNA during the 1st quarter worth $1,578,000. Bbva Compass Bancshares Inc. increased its position in TEGNA by 12.3% during the 1st quarter. Bbva Compass Bancshares Inc. now owns 71,415 shares of the company’s stock worth $1,007,000 after buying an additional 7,807 shares during the period. Finally, Stevens Capital Management LP bought a new position in TEGNA during the 1st quarter worth $786,000. 96.10% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Neal Shapiro sold 27,613 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $14.72, for a total value of $406,463.36. Following the transaction, the director now owns 17,478 shares in the company, valued at $257,276.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is currently owned by company insiders.
Shares of NYSE TGNA traded down $0.23 during mid-day trading on Wednesday, reaching $15.58. The company had a trading volume of 92,930 shares, compared to its average volume of 2,455,502. The company has a debt-to-equity ratio of 2.12, a quick ratio of 1.61 and a current ratio of 1.61. TEGNA Inc. has a one year low of $10.11 and a one year high of $16.57. The stock has a market capitalization of $3.33 billion, a P/E ratio of 8.56, a PEG ratio of 1.17 and a beta of 1.60.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 30.61% and a net margin of 18.91%. The company had revenue of $516.80 million for the quarter, compared to analysts’ expectations of $512.45 million. During the same quarter last year, the business earned $0.33 earnings per share. TEGNA’s revenue was up 2.9% on a year-over-year basis. Equities research analysts forecast that TEGNA Inc. will post 1.31 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date is Thursday, June 6th. TEGNA’s payout ratio is currently 15.30%.
Several research analysts have weighed in on the company. Noble Financial set a $20.00 price objective on TEGNA and gave the stock a “buy” rating in a research report on Friday, May 10th. Zacks Investment Research cut TEGNA from a “buy” rating to a “hold” rating in a research report on Thursday, February 28th. Benchmark reiterated a “buy” rating and set a $18.00 price objective on shares of TEGNA in a research report on Friday, May 10th. ValuEngine upgraded TEGNA from a “strong sell” rating to a “sell” rating in a research report on Thursday, February 28th. Finally, Evercore ISI upgraded TEGNA from an “in-line” rating to an “outperform” rating in a research report on Monday, March 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $15.38.
TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.
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