Teacher Retirement System of Texas Sells 53,829 Shares of TEGNA Inc. (NYSE:TGNA)

Teacher Retirement System of Texas trimmed its position in TEGNA Inc. (NYSE:TGNA - Free Report) by 26.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 151,831 shares of the company's stock after selling 53,829 shares during the quarter. Teacher Retirement System of Texas owned about 0.09% of TEGNA worth $2,766,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of TGNA. Tower Research Capital LLC TRC increased its stake 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 worth $31,000 after purchasing an additional 749 shares during the period. Smartleaf Asset Management LLC raised its holdings in TEGNA by 95.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock valued at $31,000 after acquiring an additional 832 shares in the last quarter. Blue Trust Inc. lifted its position in shares of TEGNA by 26.0% in the 1st 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 period. Pictet Asset Management Holding SA lifted its position in shares of TEGNA by 4.1% in the 4th 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 period. Finally, GAMMA Investing LLC lifted its position in shares of TEGNA by 53.3% in the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $57,000 after acquiring an additional 1,088 shares during the period. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective 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 reduced their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, July 2nd. Wells Fargo & Company reduced their price objective on TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, Benchmark lowered their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, TEGNA currently has an average rating of "Moderate Buy" and an average price target of $20.00.

TEGNA Price Performance

Shares of TGNA stock traded down $0.33 during trading hours on Friday, hitting $17.11. The company had a trading volume of 984,022 shares, compared to its average volume of 1,835,031. TEGNA Inc. has a 12 month low of $13.37 and a 12 month high of $19.62. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 6.02 and a beta of 0.30. The firm's fifty day moving average is $16.86 and its 200 day moving average is $17.36. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 1.40.

TEGNA (NYSE:TGNA - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.34 by $0.03. The business had revenue of $680.05 million for the quarter, compared to the consensus estimate of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. TEGNA's revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. On average, sell-side analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Friday, June 6th. TEGNA's payout ratio is currently 17.61%.

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.