Robeco Institutional Asset Management B.V. grew its position in TEGNA Inc. (NYSE:TGNA) by 126.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 507,948 shares of the company’s stock after purchasing an additional 283,528 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in TEGNA were worth $7,695,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in TGNA. Louisiana State Employees Retirement System boosted its stake in shares of TEGNA by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 57,800 shares of the company’s stock worth $815,000 after buying an additional 700 shares during the last quarter. Investors Research Corp boosted its stake in shares of TEGNA by 4.8% in the second quarter. Investors Research Corp now owns 17,475 shares of the company’s stock worth $265,000 after buying an additional 800 shares during the last quarter. Quantamental Technologies LLC boosted its stake in shares of TEGNA by 8.7% in the first quarter. Quantamental Technologies LLC now owns 20,088 shares of the company’s stock worth $283,000 after buying an additional 1,600 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of TEGNA by 0.6% in the first quarter. Retirement Systems of Alabama now owns 280,920 shares of the company’s stock worth $3,961,000 after buying an additional 1,768 shares during the last quarter. Finally, Mason Street Advisors LLC boosted its stake in shares of TEGNA by 1.8% in the first quarter. Mason Street Advisors LLC now owns 114,757 shares of the company’s stock worth $1,618,000 after buying an additional 1,982 shares during the last quarter. 97.19% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently commented on TGNA shares. Zacks Investment Research downgraded TEGNA from a “hold” rating to a “strong sell” rating and set a $17.00 target price on the stock. in a research note on Monday, July 8th. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of TEGNA in a research note on Friday, May 10th. ValuEngine downgraded TEGNA from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Stephens downgraded TEGNA from an “overweight” rating to an “equal” rating and lowered their target price for the stock from $19.00 to $17.00 in a research note on Tuesday, June 11th. Finally, Noble Financial set a $20.00 target price on TEGNA and gave the stock a “buy” rating in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $16.43.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The company had revenue of $536.90 million for the quarter, compared to the consensus estimate of $534.10 million. TEGNA had a return on equity of 30.61% and a net margin of 18.91%. TEGNA’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. Analysts predict that TEGNA Inc. will post 1.26 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.28 dividend on an annualized basis and a yield of 1.90%. TEGNA’s dividend payout ratio is currently 15.30%.
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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