Macquarie Group Ltd. Boosts Stake in Tegna Inc (TGNA)
Macquarie Group Ltd. raised its stake in Tegna Inc (NYSE:TGNA) by 435.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,512 shares of the company’s stock after acquiring an additional 11,800 shares during the quarter. Macquarie Group Ltd.’s holdings in Tegna were worth $193,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC lifted its holdings in shares of Tegna by 10.3% in the third quarter. SG Americas Securities LLC now owns 170,418 shares of the company’s stock worth $2,272,000 after acquiring an additional 15,949 shares during the last quarter. Quantbot Technologies LP bought a new position in Tegna in the 3rd quarter valued at approximately $169,000. Russell Investments Group Ltd. raised its holdings in Tegna by 1.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 458,478 shares of the company’s stock valued at $6,111,000 after buying an additional 6,698 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Tegna by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,995,907 shares of the company’s stock valued at $39,934,000 after buying an additional 38,480 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in Tegna by 52.3% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 272,974 shares of the company’s stock valued at $3,557,000 after buying an additional 93,700 shares during the last quarter. 99.71% of the stock is owned by hedge funds and other institutional investors.
TGNA has been the subject of a number of research reports. FBR & Co reiterated a “hold” rating and issued a $15.00 price objective on shares of Tegna in a report on Wednesday, September 20th. BidaskClub lowered shares of Tegna from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. ValuEngine upgraded shares of Tegna from a “buy” rating to a “strong-buy” rating in a report on Friday, December 1st. Noble Financial reiterated a “buy” rating on shares of Tegna in a report on Tuesday. Finally, Zacks Investment Research upgraded shares of Tegna from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Tegna presently has an average rating of “Hold” and an average price target of $17.88.
Shares of Tegna Inc (NYSE:TGNA) opened at $14.36 on Thursday. The firm has a market cap of $3,032.25, a P/E ratio of 8.86, a price-to-earnings-growth ratio of 10.71 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 Inc has a 52-week low of $11.59 and a 52-week high of $17.08.
Tegna (NYSE:TGNA) last released its earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. The business had revenue of $464.26 million during the quarter, compared to the consensus estimate of $463.23 million. Tegna had a net margin of 11.10% and a return on equity of 20.50%. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 EPS. equities research analysts forecast that Tegna Inc will post 1.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 8th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Thursday, December 7th. Tegna’s dividend payout ratio is presently 20.90%.
Tegna announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 19th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to buy up to 11.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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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