Canada Pension Plan Investment Board Increases Holdings in TEGNA Inc. (TGNA)
Canada Pension Plan Investment Board lifted its position in TEGNA Inc. (NYSE:TGNA) by 74.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,027,070 shares of the company’s stock after purchasing an additional 437,100 shares during the period. Canada Pension Plan Investment Board owned about 0.48% of TEGNA worth $13,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Crossmark Global Holdings Inc. acquired a new position in shares of TEGNA in the 3rd quarter valued at $312,000. First Quadrant L P CA acquired a new position in TEGNA during the third quarter worth $207,000. Vaughan Nelson Investment Management L.P. raised its position in TEGNA by 42.0% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,463,100 shares of the company’s stock worth $32,833,000 after acquiring an additional 729,100 shares during the period. First Trust Advisors LP raised its position in TEGNA by 35.7% during the third quarter. First Trust Advisors LP now owns 603,781 shares of the company’s stock worth $8,048,000 after acquiring an additional 159,004 shares during the period. Finally, Fox Run Management L.L.C. raised its position in TEGNA by 312.1% during the third quarter. Fox Run Management L.L.C. now owns 61,400 shares of the company’s stock worth $818,000 after acquiring an additional 46,500 shares during the period. Hedge funds and other institutional investors own 97.19% of the company’s stock.
Shares of TEGNA Inc. (NYSE TGNA) opened at $12.66 on Friday. The stock has a market cap of $2,649.18, a PE ratio of 7.74, a PEG ratio of 1.89 and a beta of 1.69. TEGNA Inc. has a 1 year low of $11.59 and a 1 year high of $17.08. The company has a debt-to-equity ratio of 3.83, a quick ratio of 2.49 and a current ratio of 2.49.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The business had revenue of $464.26 million for the quarter, compared to analysts’ expectations of $463.23 million. TEGNA had a net margin of 11.10% and a return on equity of 17.18%. The business’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 earnings per share. research analysts expect that TEGNA Inc. will post 1.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be issued a $0.07 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.28 annualized dividend and a yield of 2.21%. TEGNA’s dividend payout ratio (DPR) is 20.90%.
TEGNA announced that its Board of Directors has authorized a stock buyback plan on Tuesday, September 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 11.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of research firms have weighed in on TGNA. FBR & Co restated a “hold” rating and set a $15.00 price objective on shares of TEGNA in a research report on Wednesday, September 20th. ValuEngine upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. B. Riley restated a “neutral” rating on shares of TEGNA in a research report on Wednesday, November 1st. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a report on Thursday, August 3rd. Finally, BidaskClub lowered shares of TEGNA from a “hold” rating to a “sell” rating in a report on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. The company 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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