Janus Henderson Group PLC Lowers Holdings in TEGNA Inc. (TGNA)
Janus Henderson Group PLC decreased its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 52.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,600 shares of the company’s stock after selling 17,088 shares during the period. Janus Henderson Group PLC’s holdings in TEGNA were worth $225,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Shelton Capital Management purchased a new stake in shares of TEGNA in the second quarter valued at about $238,000. QCM Cayman Ltd. acquired a new stake in TEGNA during the 2nd quarter valued at $422,000. Clinton Group Inc. raised its stake in TEGNA by 711.1% during the 2nd quarter. Clinton Group Inc. now owns 302,168 shares of the company’s stock valued at $4,354,000 after purchasing an additional 264,914 shares during the period. Mason Capital Management LLC acquired a new stake in TEGNA during the 2nd quarter valued at $18,616,000. Finally, HighTower Advisors LLC raised its stake in TEGNA by 7.5% during the 2nd quarter. HighTower Advisors LLC now owns 167,421 shares of the company’s stock valued at $2,408,000 after purchasing an additional 11,725 shares during the period. Hedge funds and other institutional investors own 98.29% of the company’s stock.
Shares of TEGNA Inc. (TGNA) opened at 12.23 on Wednesday. The company has a 50-day moving average of $12.78 and a 200-day moving average of $14.02. TEGNA Inc. has a one year low of $12.01 and a one year high of $26.65. The company has a market capitalization of $2.63 billion, a PE ratio of 14.95 and a beta of 1.73.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The firm had revenue of $489.36 million for the quarter, compared to analyst estimates of $486.29 million. During the same period in the previous year, the business earned $0.50 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. On average, analysts anticipate that TEGNA Inc. will post $1.10 earnings per share for the current year.
TEGNA declared that its Board of Directors has approved a stock repurchase plan on Tuesday, September 19th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
TGNA has been the topic of several recent analyst reports. ValuEngine downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research downgraded shares of TEGNA from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. BidaskClub raised shares of TEGNA from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. Noble Financial reissued a “buy” rating on shares of TEGNA in a research note on Thursday, July 13th. Finally, Royal Bank Of Canada initiated coverage on shares of TEGNA in a research note on Tuesday, September 26th. They set a “sector perform” rating and a $14.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $18.44.
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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