New York State Common Retirement Fund Sells 104,200 Shares of TEGNA Inc. $TGNA

New York State Common Retirement Fund trimmed its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 66.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,127 shares of the company’s stock after selling 104,200 shares during the quarter. New York State Common Retirement Fund’s holdings in TEGNA were worth $1,060,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TGNA. Financial Consulate Inc. bought a new position in shares of TEGNA during the 3rd quarter valued at approximately $29,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in TEGNA during the second quarter valued at $38,000. Federated Hermes Inc. raised its stake in shares of TEGNA by 85.4% in the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after acquiring an additional 853 shares during the period. Caitong International Asset Management Co. Ltd lifted 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 acquiring an additional 2,729 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of TEGNA by 81.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,963 shares of the company’s stock worth $66,000 after purchasing an additional 1,781 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Performance

Shares of NYSE:TGNA opened at $20.77 on Tuesday. The firm’s 50 day simple moving average is $19.25 and its 200-day simple moving average is $19.65. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.22 and a current ratio of 2.22. TEGNA Inc. has a one year low of $14.87 and a one year high of $21.35. The firm has a market cap of $3.35 billion, a PE ratio of 9.80 and a beta of 0.15.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data 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 the consensus estimate of $658.28 million. TEGNA had a return on equity of 12.50% and a net margin of 11.97%.The firm’s revenue for the quarter was down 19.3% compared to the same quarter last year. During the same period last year, the company earned $0.94 EPS. As a group, equities analysts predict that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, December 5th. TEGNA’s payout ratio is presently 23.58%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TGNA. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Finally, Zacks Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.75.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.