Convergence Investment Partners LLC Invests $2.32 Million in Tegna Inc (TGNA) Stock
Convergence Investment Partners LLC bought a new position in shares of Tegna Inc (NYSE:TGNA) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 173,757 shares of the company’s stock, valued at approximately $2,316,000. Convergence Investment Partners LLC owned approximately 0.08% of Tegna at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TGNA. Bank of Montreal Can lifted its holdings in Tegna by 1.4% during the 2nd quarter. Bank of Montreal Can now owns 204,617 shares of the company’s stock worth $2,949,000 after buying an additional 2,852 shares during the last quarter. Aperio Group LLC lifted its holdings in Tegna by 37.4% during the 2nd quarter. Aperio Group LLC now owns 91,790 shares of the company’s stock worth $1,323,000 after buying an additional 25,003 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Tegna by 81.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 451,780 shares of the company’s stock worth $6,512,000 after buying an additional 202,799 shares during the last quarter. ING Groep NV lifted its holdings in Tegna by 128.6% during the 2nd quarter. ING Groep NV now owns 26,970 shares of the company’s stock worth $389,000 after buying an additional 15,170 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan lifted its holdings in Tegna by 254.8% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 98,480 shares of the company’s stock worth $1,419,000 after buying an additional 70,720 shares during the last quarter. 99.89% of the stock is owned by hedge funds and other institutional investors.
Tegna Inc (NYSE TGNA) traded up $0.55 during trading on Tuesday, hitting $13.94. The stock had a trading volume of 3,066,200 shares, compared to its average volume of 3,532,477. Tegna Inc has a fifty-two week low of $11.59 and a fifty-two week high of $17.08. The company has a debt-to-equity ratio of 4.30, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market cap of $2,881.61, a P/E ratio of 8.42, a P/E/G ratio of 10.08 and a beta of 1.72.
Tegna (NYSE:TGNA) last posted its earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $464.26 million during the quarter, compared to the consensus estimate of $463.23 million. During the same period in the previous year, the business earned $0.65 EPS. The business’s quarterly revenue was down 10.7% on a year-over-year basis. sell-side analysts forecast that Tegna Inc will post 1.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Thursday, December 7th. Tegna’s payout ratio is currently 20.90%.
Tegna announced that its board has approved a stock buyback plan on Tuesday, September 19th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 11.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
A number of analysts have issued reports on the company. ValuEngine raised Tegna from a “buy” rating to a “strong-buy” rating in a report on Friday. Noble Financial reaffirmed a “buy” rating on shares of Tegna in a report on Tuesday, November 14th. B. Riley reaffirmed a “neutral” rating on shares of Tegna in a report on Wednesday, November 1st. BidaskClub downgraded Tegna from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. Finally, FBR & Co reaffirmed a “hold” rating and set a $15.00 price target on shares of Tegna in a report on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $17.88.
In other news, EVP Todd A. Mayman sold 36,830 shares of the business’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.81% of the stock is currently owned by insiders.
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Tegna Company Profile
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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