Principal Financial Group Inc. lifted its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 934,711 shares of the company's stock after buying an additional 23,094 shares during the quarter. Principal Financial Group Inc. owned about 0.58% of TEGNA worth $17,030,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its position in shares of TEGNA by 80.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock valued at $31,000 after acquiring an additional 749 shares during the period. Blue Trust Inc. lifted its holdings in shares of TEGNA by 26.0% in the first quarter. Blue Trust Inc. now owns 4,227 shares of the company's stock worth $77,000 after acquiring an additional 873 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of TEGNA by 4.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company's stock worth $424,000 after acquiring an additional 910 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of TEGNA by 53.3% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $57,000 after buying an additional 1,088 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of TEGNA by 34.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company's stock valued at $80,000 after buying an additional 1,111 shares during the period. Institutional investors and hedge funds own 92.19% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Benchmark cut their target price on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Guggenheim dropped their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company dropped their price objective on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.
Read Our Latest Analysis on TGNA
TEGNA Price Performance
Shares of TGNA traded down $0.51 during trading hours on Tuesday, reaching $16.78. 1,162,352 shares of the company's stock traded hands, compared to its average volume of 1,830,273. The stock has a market cap of $2.70 billion, a PE ratio of 5.91 and a beta of 0.30. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.83. The firm's 50 day simple moving average is $16.86 and its 200-day simple moving average is $17.34. TEGNA Inc. has a 12 month low of $13.37 and a 12 month high of $19.62.
TEGNA (NYSE:TGNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.03. The business had revenue of $680.05 million during the quarter, compared to analyst estimates of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. TEGNA's revenue for the quarter was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. Equities analysts expect that TEGNA Inc. will post 3.02 EPS for the current year.
TEGNA Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 6th were paid a $0.125 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.50 annualized dividend and a yield of 2.98%. TEGNA's payout ratio is 17.61%.
TEGNA Company Profile
(
Free Report)
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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