Dimensional Fund Advisors LP Sells 85,441 Shares of TEGNA Inc. $TGNA

Key Points

• Dimensional Fund Advisors LP sold 85,441 shares of TEGNA in the third quarter, trimming its position by 0.8% to 10,036,690 shares, or 6.23% ownership valued at $204,043,000.
• TEGNA beat quarterly estimates with $0.50 EPS (vs. $0.45 expected) and $706.11M revenue (vs. $701.29M), but revenue fell 18.9% year-over-year; the stock trades at a PE of 15.3 with a $3.35B market cap.
• The company announced a quarterly dividend of $0.125 ($0.50 annual, 2.4% yield), while analysts hold a consensus Hold rating (one Buy, five Hold) with a $19.75 target price.

Dimensional Fund Advisors LP lowered its position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 0.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,036,690 shares of the company's stock after selling 85,441 shares during the quarter. Dimensional Fund Advisors LP owned 6.23% of TEGNA worth $204,043,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Amundi raised its holdings in TEGNA by 1,507.5% in the first quarter. Amundi now owns 4,067 shares of the company's stock worth $74,000 after purchasing an additional 3,814 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of TEGNA by 1.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,968 shares of the company's stock valued at $1,749,000 after buying an additional 1,726 shares during the period. United Services Automobile Association bought a new stake in shares of TEGNA in the 1st quarter valued at $183,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of TEGNA by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,881 shares of the company's stock valued at $9,837,000 after buying an additional 21,303 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in TEGNA by 193.0% during the 1st quarter. Jane Street Group LLC now owns 573,255 shares of the company's stock worth $10,445,000 after buying an additional 377,578 shares during the period. Institutional investors own 92.19% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on TGNA shares. Weiss Ratings reiterated a "hold (c)" rating on shares of TEGNA in a report on Monday, December 29th. Zacks Research upgraded TEGNA from a "strong sell" rating to a "hold" rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, TEGNA has an average rating of "Hold" and a consensus target price of $19.75.

TEGNA Stock Down 1.5%

TEGNA stock opened at $20.66 on Monday. The company has a 50 day moving average of $19.79 and a 200-day moving average of $20.02. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.80. TEGNA Inc. has a twelve month low of $14.87 and a twelve month high of $21.35. The stock has a market capitalization of $3.35 billion, a PE ratio of 15.30 and a beta of 0.12.

TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.05. The business had revenue of $706.11 million for the quarter, compared to analyst estimates of $701.29 million. TEGNA had a net margin of 8.11% and a return on equity of 8.60%. The firm's quarterly revenue was down 18.9% on a year-over-year basis. During the same period last year, the business posted $1.21 earnings per share. On average, equities research analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, March 10th. TEGNA's dividend payout ratio is 37.04%.

TEGNA Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company's primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.

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