Tegna Inc (TGNA) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank
Zurcher Kantonalbank Zurich Cantonalbank grew its position in Tegna Inc (NYSE:TGNA) by 523.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,337 shares of the company’s stock after acquiring an additional 8,678 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tegna were worth $138,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Synovus Financial Corp increased its holdings in shares of Tegna by 4.4% in the 2nd quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after acquiring an additional 438 shares during the last quarter. FNY Partners Fund LP bought a new position in Tegna during the 2nd quarter worth $158,000. Cambridge Investment Research Advisors Inc. grew its stake in Tegna by 4.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock worth $182,000 after buying an additional 499 shares during the last quarter. Quantbot Technologies LP bought a new position in Tegna during the 3rd quarter worth $169,000. Finally, HPM Partners LLC grew its stake in Tegna by 0.6% during the 2nd quarter. HPM Partners LLC now owns 12,764 shares of the company’s stock worth $184,000 after buying an additional 77 shares during the last quarter. Institutional investors and hedge funds own 99.89% of the company’s stock.
In other news, EVP Todd A. Mayman sold 36,830 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 19,420 shares of the company’s stock, valued at $245,274.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.81% of the company’s stock.
A number of research analysts recently commented on TGNA shares. Zacks Investment Research downgraded Tegna from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. BidaskClub downgraded Tegna from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. ValuEngine downgraded Tegna from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. FBR & Co restated a “hold” rating and set a $15.00 price objective on shares of Tegna in a research note on Wednesday, September 20th. Finally, Wells Fargo & Company restated a “hold” rating and set a $14.00 price objective on shares of Tegna in a research note on Friday, September 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Tegna currently has an average rating of “Hold” and a consensus target price of $17.88.
Tegna Inc (TGNA) traded down $0.16 during trading hours on Thursday, hitting $13.62. The stock had a trading volume of 1,598,200 shares, compared to its average volume of 3,518,224. Tegna Inc has a 12 month low of $11.59 and a 12 month high of $17.08. The company has a market capitalization of $2,965.54, a PE ratio of 8.67, a price-to-earnings-growth ratio of 10.48 and a beta of 1.72. The company has a debt-to-equity ratio of 4.30, a quick ratio of 1.37 and a current ratio of 1.37.
Tegna (NYSE:TGNA) last released 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. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The company had revenue of $464.26 million during the quarter, compared to analysts’ expectations of $463.23 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. equities analysts expect that Tegna Inc will post 1.07 EPS for the current fiscal year.
Tegna declared that its board has initiated a stock buyback program on Tuesday, September 19th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 11.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.06%. Tegna’s payout ratio is 20.90%.
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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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