Mraz Amerine & Associates Inc. decreased its stake in Tegna Inc. (NYSE:TGNA) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 162,450 shares of the company’s stock after selling 1,550 shares during the period. Tegna makes up 1.3% of Mraz Amerine & Associates Inc.’s portfolio, making the stock its 15th largest position. Mraz Amerine & Associates Inc.’s holdings in Tegna were worth $3,764,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Tegna during the fourth quarter valued at $55,731,000. Prudential Financial Inc. increased its position in Tegna by 85.4% in the first quarter. Prudential Financial Inc. now owns 2,037,930 shares of the company’s stock valued at $47,810,000 after buying an additional 938,748 shares during the period. AXA increased its position in Tegna by 895.4% in the first quarter. AXA now owns 713,223 shares of the company’s stock valued at $16,732,000 after buying an additional 641,570 shares during the period. HBK Investments L P increased its stake in Tegna by 82.4% in the first quarter. HBK Investments L P now owns 883,670 shares of the company’s stock worth $20,731,000 after buying an additional 399,070 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Tegna during the first quarter worth approximately $7,750,000. Hedge funds and other institutional investors own 87.80% of the company’s stock.
Tegna Inc. (NYSE:TGNA) traded up 0.14% during trading on Monday, hitting $21.35. 1,297,583 shares of the company were exchanged. Tegna Inc. has a 12 month low of $20.10 and a 12 month high of $28.95. The company has a 50-day moving average of $21.11 and a 200-day moving average of $22.62. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 11.53 and a beta of 1.77.
Tegna (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. Tegna had a net margin of 13.69% and a return on equity of 17.02%. The company had revenue of $811.79 million for the quarter, compared to the consensus estimate of $814.56 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts forecast that Tegna Inc. will post $2.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Wednesday, September 7th. Tegna’s dividend payout ratio (DPR) is presently 28.72%.
A number of analysts have commented on the stock. Wells Fargo & Co. reiterated a “hold” rating on shares of Tegna in a report on Monday. Zacks Investment Research upgraded shares of Tegna from a “sell” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, July 13th. FBR & Co cut their price objective on shares of Tegna from $25.00 to $24.00 and set a “mkt perform” rating for the company in a report on Wednesday, July 27th. Argus reiterated a “buy” rating and issued a $33.00 price objective on shares of Tegna in a report on Saturday, August 13th. Finally, Evercore ISI downgraded shares of Tegna from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a report on Friday, June 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $26.88.
TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). Its media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content.
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