Catalyst Capital Advisors LLC Acquires New Stake in TEGNA Inc. (TGNA)
Catalyst Capital Advisors LLC acquired a new position in TEGNA Inc. (NYSE:TGNA) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,000 shares of the company’s stock, valued at approximately $293,000.
Several other hedge funds have also made changes to their positions in TGNA. Teachers Advisors LLC raised its position in TEGNA by 50.4% during the first quarter. Teachers Advisors LLC now owns 405,634 shares of the company’s stock worth $10,392,000 after acquiring an additional 135,990 shares in the last quarter. Fox Run Management L.L.C. raised its position in TEGNA by 4.9% during the second quarter. Fox Run Management L.L.C. now owns 14,900 shares of the company’s stock worth $215,000 after acquiring an additional 700 shares in the last quarter. Bank of Montreal Can raised its position in TEGNA by 1.4% during the second quarter. Bank of Montreal Can now owns 204,617 shares of the company’s stock worth $2,949,000 after acquiring an additional 2,852 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in TEGNA by 10.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 79,643 shares of the company’s stock worth $1,148,000 after acquiring an additional 7,737 shares in the last quarter. Finally, LS Investment Advisors LLC raised its position in TEGNA by 31.0% during the second quarter. LS Investment Advisors LLC now owns 16,929 shares of the company’s stock worth $244,000 after acquiring an additional 4,011 shares in the last quarter. 99.26% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently commented on the stock. Noble Financial restated a “buy” rating on shares of TEGNA in a research note on Tuesday, November 14th. B. Riley reaffirmed a “neutral” rating on shares of TEGNA in a research report on Wednesday, November 1st. BidaskClub cut shares of TEGNA from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 7th. FBR & Co reaffirmed a “hold” rating and set a $15.00 price objective on shares of TEGNA in a research report on Wednesday, November 1st. Finally, Guggenheim initiated coverage on shares of TEGNA in a report on Wednesday, October 18th. They issued a “buy” rating and a $17.00 target price for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $18.44.
In related news, EVP Todd A. Mayman sold 36,830 shares of TEGNA stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $12.63, for a total transaction of $465,162.90. Following the completion of the transaction, the executive vice president now directly owns 19,420 shares in the company, valued at approximately $245,274.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.81% of the company’s stock.
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Shares of TEGNA Inc. (TGNA) remained flat at $$13.03 during mid-day trading on Wednesday. 1,791,300 shares of the stock traded hands, compared to its average volume of 3,585,949. TEGNA Inc. has a 52 week low of $11.59 and a 52 week high of $17.08. The firm has a market cap of $2,804.13, a price-to-earnings ratio of 8.19, a PEG ratio of 9.71 and a beta of 1.69. 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 issued 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. TEGNA had a return on equity of 20.50% and a net margin of 11.10%. The company had revenue of $464.26 million for the quarter, compared to analyst estimates of $463.23 million. During the same quarter last year, the company posted $0.65 earnings per share. The business’s quarterly revenue was down 10.7% compared to the same quarter last year. research analysts forecast that TEGNA Inc. will post 1.09 earnings per share for the current fiscal year.
TEGNA declared that its Board of Directors has approved a share repurchase program on Tuesday, September 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 11.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, December 7th. TEGNA’s dividend payout ratio is currently 20.90%.
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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