Trexquant Investment LP Buys 10,272 Shares of TEGNA Inc. (NYSE:TGNA)
Trexquant Investment LP increased its stake in shares of TEGNA Inc. (NYSE:TGNA) by 35.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,972 shares of the company’s stock after buying an additional 10,272 shares during the period. Trexquant Investment LP’s holdings in TEGNA were worth $562,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Ameritas Investment Partners Inc. acquired a new position in TEGNA during the first quarter valued at $131,000. ARS Investment Partners LLC acquired a new position in TEGNA during the first quarter valued at $135,000. Iberiabank Corp acquired a new position in TEGNA during the second quarter valued at $170,000. Peak Asset Management LLC acquired a new position in TEGNA during the first quarter valued at $205,000. Finally, Clifford Swan Investment Counsel LLC acquired a new position in TEGNA during the first quarter valued at $207,000. Institutional investors and hedge funds own 88.32% of the company’s stock.
TEGNA Inc. (NYSE TGNA) opened at 13.02 on Friday. The stock has a market capitalization of $2.80 billion, a P/E ratio of 15.92 and a beta of 1.75. TEGNA Inc. has a 12-month low of $12.78 and a 12-month high of $26.65. The stock has a 50 day moving average price of $14.36 and a 200-day moving average price of $20.96.
TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The business had revenue of $489.36 million for the quarter, compared to the consensus estimate of $486.29 million. During the same quarter in the previous year, the company posted $0.50 earnings per share. TEGNA’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts expect that TEGNA Inc. will post $1.08 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be issued a dividend of $0.07 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.15%. TEGNA’s dividend payout ratio is 16.97%.
Several equities analysts recently weighed in on TGNA shares. TheStreet downgraded TEGNA from a “b” rating to a “c+” rating in a research report on Thursday, July 13th. FBR & Co downgraded TEGNA from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $29.00 to $24.00 in a research report on Wednesday, May 10th. Noble Financial reiterated a “buy” rating on shares of TEGNA in a research report on Thursday, August 3rd. Jefferies Group LLC reiterated a “hold” rating and set a $16.00 target price on shares of TEGNA in a research report on Thursday, June 1st. Finally, Barclays PLC reiterated an “underweight” rating and set a $13.00 target price (down from $20.00) on shares of TEGNA in a research report on Monday, June 5th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $21.44.
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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