California State Teachers Retirement System Decreases Position in TEGNA Inc. (NYSE:TGNA)

California State Teachers Retirement System reduced its position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 19.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 154,716 shares of the company's stock after selling 36,622 shares during the period. California State Teachers Retirement System owned 0.10% of TEGNA worth $2,830,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of TGNA. Lansforsakringar Fondforvaltning AB publ purchased a new stake in TEGNA in the fourth quarter valued at $442,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of TEGNA during the 4th quarter worth about $7,955,000. Integrated Advisors Network LLC raised its holdings in TEGNA by 7.9% in the 4th quarter. Integrated Advisors Network LLC now owns 16,040 shares of the company's stock valued at $293,000 after buying an additional 1,171 shares during the period. Mackenzie Financial Corp lifted its position in TEGNA by 113.4% in the fourth quarter. Mackenzie Financial Corp now owns 88,446 shares of the company's stock valued at $1,618,000 after buying an additional 46,996 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in TEGNA during the fourth quarter worth about $28,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Stock Up 1.6%

NYSE:TGNA traded up $0.27 during midday trading on Friday, reaching $16.40. The company had a trading volume of 1,394,068 shares, compared to its average volume of 1,950,365. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 5.79 and a beta of 0.31. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock's fifty day simple moving average is $16.58 and its 200-day simple moving average is $17.66.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.03. The business had revenue of $680.05 million during the quarter, compared to analysts' expectations of $677.24 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The business's quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, sell-side analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Friday, June 6th. TEGNA's dividend payout ratio is presently 17.61%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wells Fargo & Company decreased their price objective on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. lowered their price target on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Guggenheim boosted their price objective on TEGNA from $20.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Benchmark lowered their target price on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Wall Street Zen lowered shares of TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.25.

About TEGNA

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.