HGK Asset Management Inc. trimmed its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 29.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,476 shares of the company’s stock after selling 14,119 shares during the period. HGK Asset Management Inc.’s holdings in TEGNA were worth $472,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Dubuque Bank & Trust Co. acquired a new position in shares of TEGNA during the 1st quarter worth about $28,000. Advisory Services Network LLC acquired a new position in shares of TEGNA during the 4th quarter worth about $52,000. First Quadrant L P CA acquired a new position in shares of TEGNA during the 4th quarter worth about $77,000. Oregon Public Employees Retirement Fund boosted its stake in shares of TEGNA by 987.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 927,070 shares of the company’s stock worth $85,000 after buying an additional 841,783 shares during the last quarter. Finally, First Hawaiian Bank boosted its stake in shares of TEGNA by 354.3% during the 4th quarter. First Hawaiian Bank now owns 8,772 shares of the company’s stock worth $95,000 after buying an additional 6,841 shares during the last quarter. Institutional investors own 96.10% of the company’s stock.
Shares of TGNA stock opened at $15.93 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 2.12. The stock has a market capitalization of $3.45 billion, a PE ratio of 8.70, a PEG ratio of 1.21 and a beta of 1.60. TEGNA Inc. has a 52-week low of $10.11 and a 52-week high of $16.57.
TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, May 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. The company had revenue of $516.80 million for the quarter, compared to analysts’ expectations of $512.45 million. TEGNA had a net margin of 18.91% and a return on equity of 30.61%. TEGNA’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.33 EPS. As a group, equities analysts forecast that TEGNA Inc. will post 1.31 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.76%. TEGNA’s payout ratio is 15.30%.
A number of equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of TEGNA from a “sell” rating to a “hold” rating in a research note on Wednesday. Noble Financial set a $20.00 price objective on shares of TEGNA and gave the stock a “buy” rating in a research note on Friday, May 10th. Benchmark restated a “buy” rating and set a $18.00 price objective on shares of TEGNA in a research note on Friday, May 10th. Evercore ISI upgraded shares of TEGNA from an “in-line” rating to an “outperform” rating in a research note on Monday, March 25th. Finally, Barrington Research restated a “buy” rating and set a $17.00 price objective on shares of TEGNA in a research note on Friday, March 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $15.38.
In other news, Director Neal Shapiro sold 27,613 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $14.72, for a total value of $406,463.36. Following the sale, the director now directly owns 17,478 shares of the company’s stock, valued at approximately $257,276.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.48% of the stock is currently owned by corporate insiders.
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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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