Tocqueville Asset Management L.P. boosted its position in shares of Tegna Inc. (NYSE:TGNA) by 1,130.8% during the second quarter, Holdings Channel reports. The institutional investor owned 590,800 shares of the company’s stock after buying an additional 542,800 shares during the period. Tocqueville Asset Management L.P.’s holdings in Tegna were worth $13,689,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in TGNA. Geode Capital Management LLC boosted its stake in shares of Tegna by 5.0% in the first quarter. Geode Capital Management LLC now owns 1,900,641 shares of the company’s stock worth $44,503,000 after buying an additional 90,396 shares in the last quarter. CrestPoint Capital Management LLC boosted its stake in shares of Tegna by 11.7% in the second quarter. CrestPoint Capital Management LLC now owns 31,400 shares of the company’s stock worth $728,000 after buying an additional 3,300 shares in the last quarter. Magnetar Financial LLC boosted its stake in shares of Tegna by 10.7% in the first quarter. Magnetar Financial LLC now owns 16,781 shares of the company’s stock worth $394,000 after buying an additional 1,622 shares in the last quarter. Leavell Investment Management Inc. boosted its stake in shares of Tegna by 54.7% in the second quarter. Leavell Investment Management Inc. now owns 31,530 shares of the company’s stock worth $731,000 after buying an additional 11,155 shares in the last quarter. Finally, Riverhead Capital Management LLC boosted its stake in shares of Tegna by 80.5% in the first quarter. Riverhead Capital Management LLC now owns 120,740 shares of the company’s stock worth $2,832,000 after buying an additional 53,835 shares in the last quarter. Hedge funds and other institutional investors own 87.80% of the company’s stock.
Shares of Tegna Inc. (NYSE:TGNA) traded down 0.10% during midday trading on Friday, reaching $19.92. 1,433,429 shares of the company’s stock were exchanged. The company has a market cap of $4.27 billion, a P/E ratio of 10.76 and a beta of 1.70. The firm has a 50 day moving average price of $21.11 and a 200 day moving average price of $22.36. Tegna Inc. has a 12 month low of $19.71 and a 12 month high of $28.95.
Tegna (NYSE:TGNA) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.03. The firm had revenue of $811.79 million for the quarter, compared to the consensus estimate of $814.56 million. Tegna had a net margin of 13.69% and a return on equity of 17.02%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 EPS. Equities research analysts forecast that Tegna Inc. will post $2.33 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 9th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Wednesday, September 7th. Tegna’s dividend payout ratio is 28.72%.
TGNA has been the subject of a number of recent analyst reports. TheStreet cut shares of Tegna from a “buy” rating to a “hold” rating in a research note on Monday, August 22nd. Benchmark Co. initiated coverage on shares of Tegna in a research report on Friday, August 19th. They issued a “buy” rating and a $26.00 price objective on the stock. Wells Fargo & Co. reissued a “hold” rating on shares of Tegna in a research report on Monday, September 26th. FBR & Co reissued a “hold” rating and issued a $24.00 price objective on shares of Tegna in a research report on Thursday, September 8th. Finally, Zacks Investment Research lowered shares of Tegna from a “hold” rating to a “sell” rating in a research report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Tegna currently has a consensus rating of “Hold” and a consensus price target 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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