Oregon Public Employees Retirement Fund lifted its holdings in TEGNA Inc. (NYSE:TGNA) by 2.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,443 shares of the company’s stock after purchasing an additional 2,156 shares during the period. Oregon Public Employees Retirement Fund’s holdings in TEGNA were worth $1,325,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Stifel Financial Corp grew its holdings in TEGNA by 137.8% during the fourth quarter. Stifel Financial Corp now owns 42,173 shares of the company’s stock worth $458,000 after acquiring an additional 24,442 shares during the period. Two Sigma Advisers LP purchased a new stake in shares of TEGNA during the 4th quarter worth about $401,000. Bank of America Corp DE grew its holdings in shares of TEGNA by 45.9% during the 4th quarter. Bank of America Corp DE now owns 669,432 shares of the company’s stock worth $7,276,000 after purchasing an additional 210,651 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of TEGNA during the 4th quarter worth about $185,000. Finally, Thrivent Financial for Lutherans grew its holdings in shares of TEGNA by 5.0% during the 4th quarter. Thrivent Financial for Lutherans now owns 54,648 shares of the company’s stock worth $594,000 after purchasing an additional 2,598 shares during the period. Institutional investors and hedge funds own 97.19% of the company’s stock.
A number of analysts have recently issued reports on the company. ValuEngine cut TEGNA from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Zacks Investment Research cut TEGNA from a “hold” rating to a “strong sell” rating and set a $17.00 target price for the company. in a report on Monday, July 8th. Benchmark reiterated a “buy” rating and set a $18.00 target price on shares of TEGNA in a report on Friday, May 10th. Noble Financial set a $20.00 target price on TEGNA and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, Stephens cut TEGNA from an “overweight” rating to an “equal” rating and decreased their target price for the stock from $19.00 to $17.00 in a report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $16.43.
TEGNA (NYSE:TGNA) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.03. The firm had revenue of $536.90 million during the quarter, compared to analysts’ expectations of $534.10 million. TEGNA had a return on equity of 30.61% and a net margin of 18.91%. TEGNA’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 EPS. As a group, analysts forecast that TEGNA Inc. will post 1.26 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Thursday, September 5th. TEGNA’s dividend payout ratio is presently 15.30%.
TEGNA Company Profile
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.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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