Northern Capital Management LLC reduced its stake in shares of Tegna Inc. (NYSE:TGNA) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,415 shares of the company’s stock after selling 250 shares during the period. Northern Capital Management LLC’s holdings in Tegna were worth $311,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in TGNA. Seven Eight Capital LLC raised its stake in Tegna by 58,666.7% in the first quarter. Seven Eight Capital LLC now owns 8,815 shares of the company’s stock valued at $207,000 after buying an additional 8,800 shares in the last quarter. Sentry Investment Management LLC raised its stake in Tegna by 84.6% in the first quarter. Sentry Investment Management LLC now owns 8,916 shares of the company’s stock valued at $209,000 after buying an additional 4,086 shares in the last quarter. BlueMountain Capital Management LLC acquired a new stake in Tegna during the first quarter valued at approximately $230,000. Conning Inc. raised its stake in Tegna by 1.1% in the second quarter. Conning Inc. now owns 9,978 shares of the company’s stock valued at $231,000 after buying an additional 110 shares in the last quarter. Finally, DNB Asset Management AS raised its stake in Tegna by 6.1% in the second quarter. DNB Asset Management AS now owns 12,179 shares of the company’s stock valued at $282,000 after buying an additional 700 shares in the last quarter. Institutional investors and hedge funds own 87.80% of the company’s stock.
Shares of Tegna Inc. (NYSE:TGNA) traded up 1.14% during trading on Monday, hitting $22.11. 1,422,105 shares of the stock were exchanged. The stock’s 50 day moving average is $21.17 and its 200-day moving average is $22.50. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 11.94 and a beta of 1.70. Tegna Inc. has a 12-month low of $20.10 and a 12-month high of $28.95.
Tegna (NYSE:TGNA) last released its earnings results on Tuesday, July 26th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. Tegna had a net margin of 13.69% and a return on equity of 17.02%. The business had revenue of $811.79 million for the quarter, compared to the consensus estimate of $814.56 million. During the same period in the previous year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts anticipate that Tegna Inc. will post $2.33 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.53%. Tegna’s payout ratio is currently 28.72%.
Several research firms have recently commented on TGNA. FBR & Co reiterated a “hold” rating and issued a $24.00 price target on shares of Tegna in a research report on Thursday, September 8th. Argus restated a “buy” rating and set a $33.00 target price on shares of Tegna in a research report on Saturday, August 13th. Jefferies Group decreased their target price on shares of Tegna from $26.00 to $25.00 and set a “hold” rating on the stock in a research report on Wednesday, July 27th. Zacks Investment Research lowered shares of Tegna from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 15th. Finally, TheStreet lowered shares of Tegna from a “buy” rating to a “hold” rating in a research report on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Tegna has an average rating of “Hold” and an average target price of $26.88.
Tegna Company Profile
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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