First Trust Advisors LP trimmed its position in shares of TEGNA Inc. (NYSE:TGNA) by 23.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,760 shares of the company’s stock after selling 67,987 shares during the period. First Trust Advisors LP owned approximately 0.10% of TEGNA worth $2,454,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Boston Partners lifted its position in shares of TEGNA by 10.6% in the 4th quarter. Boston Partners now owns 211,676 shares of the company’s stock worth $2,301,000 after buying an additional 20,304 shares during the last quarter. BBT Capital Management LLC bought a new position in shares of TEGNA in the 4th quarter worth about $395,000. Comerica Bank lifted its position in shares of TEGNA by 2.5% in the 4th quarter. Comerica Bank now owns 142,171 shares of the company’s stock worth $1,705,000 after buying an additional 3,410 shares during the last quarter. Cerity Partners LLC lifted its position in shares of TEGNA by 10.2% in the 4th quarter. Cerity Partners LLC now owns 47,521 shares of the company’s stock worth $517,000 after buying an additional 4,418 shares during the last quarter. Finally, Cigna Investments Inc. New bought a new position in shares of TEGNA in the 4th quarter worth about $138,000. 94.32% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on the stock. Barrington Research restated a “buy” rating and issued a $17.00 price target on shares of TEGNA in a research report on Friday, March 8th. ValuEngine upgraded shares of TEGNA from a “strong sell” rating to a “sell” rating in a research report on Thursday, February 28th. Zacks Investment Research downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Thursday, February 28th. Noble Financial reiterated a “buy” rating and issued a $14.50 price objective on shares of TEGNA in a research report on Thursday, February 28th. Finally, B. Riley lifted their price objective on shares of TEGNA from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, December 18th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. TEGNA presently has an average rating of “Hold” and an average price target of $14.32.
TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Friday, March 1st. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.07. The firm had revenue of $642.10 million for the quarter, compared to the consensus estimate of $628.71 million. TEGNA had a net margin of 18.18% and a return on equity of 33.72%. TEGNA’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. On average, research analysts expect that TEGNA Inc. will post 1.32 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.94%. TEGNA’s payout ratio is 15.30%.
In other TEGNA news, Director Neal Shapiro sold 27,613 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $14.72, for a total transaction of $406,463.36. Following the transaction, the director now owns 17,478 shares of the company’s stock, valued at approximately $257,276.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.44% of the stock is currently owned by company insiders.
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TEGNA Company Profile
TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.
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