Kennedy Capital Management Inc. bought a new position in shares of TEGNA Inc. (NYSE:TGNA) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 250,000 shares of the company’s stock, valued at approximately $3,525,000.
Several other large investors have also modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in shares of TEGNA by 97.4% in the third quarter. JPMorgan Chase & Co. now owns 1,112,667 shares of the company’s stock valued at $13,307,000 after acquiring an additional 548,997 shares in the last quarter. Bank of Montreal Can boosted its holdings in TEGNA by 1.6% during the fourth quarter. Bank of Montreal Can now owns 74,046 shares of the company’s stock worth $805,000 after buying an additional 1,165 shares in the last quarter. Arizona State Retirement System boosted its holdings in TEGNA by 1.1% during the fourth quarter. Arizona State Retirement System now owns 154,530 shares of the company’s stock worth $1,680,000 after buying an additional 1,680 shares in the last quarter. Rhumbline Advisers boosted its holdings in TEGNA by 65.8% during the fourth quarter. Rhumbline Advisers now owns 655,802 shares of the company’s stock worth $7,129,000 after buying an additional 260,161 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its holdings in TEGNA by 11.9% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 161,871 shares of the company’s stock worth $1,760,000 after buying an additional 17,178 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors.
Shares of TGNA opened at $14.82 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 2.12. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 1.17 and a beta of 1.53. TEGNA Inc. has a 12-month low of $10.24 and a 12-month high of $16.57.
TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, May 9th. 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 $516.80 million during the quarter, compared to analysts’ expectations of $512.45 million. TEGNA had a net margin of 18.91% and a return on equity of 30.61%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 earnings per share. As a group, research analysts anticipate that TEGNA Inc. will post 1.26 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date is Thursday, June 6th. TEGNA’s payout ratio is currently 15.30%.
A number of research firms recently commented on TGNA. Stephens downgraded shares of TEGNA from an “overweight” rating to an “equal” rating and decreased their price objective for the stock from $19.00 to $17.00 in a report on Tuesday. Zacks Investment Research raised shares of TEGNA from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. Noble Financial set a $20.00 price objective on shares of TEGNA and gave the stock a “buy” rating in a report on Friday, May 10th. Benchmark reissued a “buy” rating and set a $18.00 price objective on shares of TEGNA in a report on Friday, May 10th. Finally, Evercore ISI raised shares of TEGNA from an “in-line” rating to an “outperform” rating in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. TEGNA has an average rating of “Hold” and an average price target of $15.63.
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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