Boston Partners Increases Position in TEGNA Inc. $TGNA

Boston Partners lifted its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 1.3% in the second quarter, HoldingsChannel.com reports. The fund owned 2,399,319 shares of the company’s stock after acquiring an additional 30,229 shares during the period. Boston Partners’ holdings in TEGNA were worth $40,050,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in TEGNA in the second quarter worth $38,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of TEGNA by 1,018.3% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock worth $50,000 after buying an additional 2,729 shares during the last quarter. TD Private Client Wealth LLC grew its position in TEGNA by 13,896.4% during the second quarter. TD Private Client Wealth LLC now owns 3,919 shares of the company’s stock valued at $66,000 after buying an additional 3,891 shares during the period. Amundi grew its position in TEGNA by 1,507.5% during the first quarter. Amundi now owns 4,067 shares of the company’s stock valued at $74,000 after buying an additional 3,814 shares during the period. Finally, Strs Ohio purchased a new stake in TEGNA during the first quarter worth about $86,000. 92.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TGNA. Weiss Ratings cut shares of TEGNA from a “buy (b-)” rating to a “hold (c)” rating in a research note on Tuesday. Zacks Research downgraded TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Guggenheim reissued a “neutral” rating and set a $19.00 price objective on shares of TEGNA in a report on Friday, August 22nd. Finally, Wells Fargo & Company lowered TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, TEGNA has an average rating of “Hold” and an average target price of $19.75.

TEGNA Price Performance

TGNA stock opened at $20.15 on Thursday. The firm has a 50 day moving average of $20.32 and a 200-day moving average of $18.52. The firm has a market capitalization of $3.25 billion, a P/E ratio of 7.25 and a beta of 0.25. TEGNA Inc. has a 12 month low of $14.87 and a 12 month high of $21.35. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.82.

TEGNA (NYSE:TGNA) last posted its earnings results on Monday, November 10th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.02). The firm had revenue of $650.79 million during the quarter, compared to analysts’ expectations of $658.28 million. TEGNA had a return on equity of 16.20% and a net margin of 14.99%.The business’s revenue for the quarter was down 19.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. As a group, sell-side analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 5th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, September 5th. TEGNA’s payout ratio is presently 23.58%.

TEGNA Profile

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.