AMP Capital Investors Ltd Decreases Position in Tegna Inc (TGNA)
AMP Capital Investors Ltd lowered its position in shares of Tegna Inc (NYSE:TGNA) by 93.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,040 shares of the company’s stock after selling 213,682 shares during the quarter. AMP Capital Investors Ltd’s holdings in Tegna were worth $214,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Diamond Hill Capital Management Inc. boosted its stake in Tegna by 0.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock valued at $148,994,000 after buying an additional 57,105 shares in the last quarter. Empirical Finance LLC boosted its stake in Tegna by 75.0% during the third quarter. Empirical Finance LLC now owns 123,668 shares of the company’s stock valued at $1,649,000 after buying an additional 52,993 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Tegna by 4.4% during the second quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock valued at $5,373,000 after purchasing an additional 15,555 shares during the last quarter. Clinton Group Inc. lifted its holdings in shares of Tegna by 711.1% during the second 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 last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Tegna by 22.7% during the second quarter. Bank of New York Mellon Corp now owns 2,957,427 shares of the company’s stock valued at $42,616,000 after purchasing an additional 546,885 shares during the last quarter. 99.71% of the stock is owned by institutional investors and hedge funds.
TGNA has been the subject of several analyst reports. FBR & Co reaffirmed a “hold” rating and set a $15.00 target price on shares of Tegna in a report on Wednesday, September 20th. BidaskClub downgraded Tegna from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. ValuEngine raised Tegna from a “buy” rating to a “strong-buy” rating in a report on Friday, December 1st. Noble Financial reaffirmed a “buy” rating on shares of Tegna in a report on Tuesday, December 19th. Finally, Zacks Investment Research raised Tegna from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 13th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Tegna presently has a consensus rating of “Hold” and an average target price of $17.88.
Shares of Tegna Inc (NYSE:TGNA) opened at $14.19 on Friday. Tegna Inc has a fifty-two week low of $11.59 and a fifty-two week high of $17.08. The company has a market capitalization of $3,038.71, a price-to-earnings ratio of 10.59, a PEG ratio of 10.73 and a beta of 1.72. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 4.30.
Tegna (NYSE:TGNA) last announced its quarterly earnings data on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. The firm had revenue of $464.26 million during the quarter, compared to the consensus estimate of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The business’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.65 EPS. sell-side analysts anticipate that Tegna Inc will post 1.07 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, December 7th. Tegna’s dividend payout ratio is currently 20.90%.
Tegna announced that its Board of Directors has initiated a stock repurchase program on Tuesday, September 19th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 11.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, EVP Todd A. Mayman sold 36,830 shares of the stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $12.63, for a total value of $465,162.90. Following the completion of the sale, the executive vice president now directly owns 19,420 shares of the company’s stock, valued at approximately $245,274.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $13.69, for a total value of $105,960.60. Following the completion of the sale, the senior vice president now directly owns 32,335 shares of the company’s stock, valued at $442,666.15. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by corporate insiders.
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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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