California State Teachers Retirement System lifted its position in TEGNA Inc. (NYSE:TGNA) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 351,029 shares of the company’s stock after purchasing an additional 8,279 shares during the period. California State Teachers Retirement System owned about 0.16% of TEGNA worth $3,816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in TGNA. First Quadrant L P CA bought a new position in TEGNA during the fourth quarter valued at $77,000. Oregon Public Employees Retirement Fund lifted its holdings in shares of TEGNA by 987.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 927,070 shares of the company’s stock worth $85,000 after acquiring an additional 841,783 shares during the last quarter. First Hawaiian Bank lifted its holdings in shares of TEGNA by 354.3% in the 4th quarter. First Hawaiian Bank now owns 8,772 shares of the company’s stock worth $95,000 after acquiring an additional 6,841 shares during the last quarter. People s United Financial Inc. bought a new stake in shares of TEGNA in the 3rd quarter worth about $124,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of TEGNA in the 4th quarter worth about $131,000. 95.86% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Neal Shapiro sold 27,613 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $14.72, for a total value of $406,463.36. Following the completion of the sale, the director now owns 17,478 shares of the company’s stock, valued at $257,276.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.48% of the company’s stock.
TEGNA (NYSE:TGNA) last posted its earnings results on Friday, March 1st. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. TEGNA had a net margin of 18.18% and a return on equity of 33.72%. The firm had revenue of $642.10 million during the quarter, compared to analysts’ expectations of $628.71 million. During the same period in the previous year, the business posted $0.32 EPS. The business’s revenue was up 31.0% compared to the same quarter last year. As a group, equities research analysts forecast that TEGNA Inc. will post 1.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 8th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date was Thursday, March 7th. TEGNA’s dividend payout ratio is currently 15.30%.
TGNA has been the subject of several analyst reports. Barrington Research restated a “buy” rating and issued a $17.00 target price on shares of TEGNA in a report on Friday, March 8th. Zacks Investment Research upgraded shares of TEGNA from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Monday, January 7th. Noble Financial reiterated a “buy” rating and set a $14.50 price objective on shares of TEGNA in a report on Thursday, February 28th. Evercore ISI upgraded shares of TEGNA from an “in-line” rating to an “outperform” rating in a report on Monday, March 25th. Finally, ValuEngine upgraded shares of TEGNA from a “strong sell” rating to a “sell” rating in a report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $14.15.
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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