California Public Employees Retirement System boosted its position in TEGNA Inc. (NYSE:TGNA) by 9.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 814,145 shares of the company’s stock after buying an additional 70,193 shares during the period. California Public Employees Retirement System owned approximately 0.38% of TEGNA worth $8,833,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fox Run Management L.L.C. purchased a new stake in TEGNA in the 2nd quarter worth approximately $112,000. Trexquant Investment LP purchased a new stake in TEGNA in the 2nd quarter worth approximately $115,000. Todd Asset Management LLC purchased a new stake in TEGNA in the 2nd quarter worth approximately $115,000. Quantbot Technologies LP purchased a new stake in TEGNA in the 1st quarter worth approximately $137,000. Finally, Cadence Capital Management LLC purchased a new stake in TEGNA in the 2nd quarter worth approximately $140,000. Hedge funds and other institutional investors own 97.14% of the company’s stock.
Several equities research analysts have commented on TGNA shares. ValuEngine upgraded TEGNA from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Zacks Investment Research lowered TEGNA from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 4th. Evercore ISI started coverage on TEGNA in a research report on Tuesday, July 31st. They issued an “in-line” rating and a $14.00 price objective on the stock. Benchmark restated a “buy” rating and issued a $17.00 price objective on shares of TEGNA in a research report on Wednesday, August 8th. Finally, Barrington Research restated a “buy” rating and issued a $15.00 price objective on shares of TEGNA in a research report on Thursday, August 16th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $14.50.
TEGNA (NYSE:TGNA) last announced its earnings results on Tuesday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. TEGNA had a return on equity of 27.72% and a net margin of 25.33%. The firm had revenue of $524.08 million for the quarter, compared to analyst estimates of $516.52 million. Sell-side analysts expect that TEGNA Inc. will post 1.66 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 7th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, September 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.33%. TEGNA’s dividend payout ratio (DPR) is 25.93%.
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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