Oppenheimer Asset Management Inc. trimmed its stake in TEGNA Inc. (NYSE:TGNA) by 40.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,356 shares of the company’s stock after selling 25,411 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in TEGNA were worth $566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of TGNA. Advisors Preferred LLC purchased a new position in TEGNA during the second quarter valued at approximately $25,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of TEGNA during the 2nd quarter valued at $85,000. Balasa Dinverno & Foltz LLC purchased a new position in shares of TEGNA during the 1st quarter valued at $144,000. Advisor Group Inc. grew its holdings in shares of TEGNA by 172.1% during the 2nd quarter. Advisor Group Inc. now owns 10,406 shares of the company’s stock valued at $157,000 after acquiring an additional 6,581 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. purchased a new position in shares of TEGNA during the 1st quarter valued at $174,000. 99.49% of the stock is owned by institutional investors and hedge funds.
TGNA stock traded up $0.07 during trading hours on Wednesday, hitting $16.03. The company’s stock had a trading volume of 21,611 shares, compared to its average volume of 2,878,639. The stock has a 50 day moving average price of $14.76 and a two-hundred day moving average price of $15.00. TEGNA Inc. has a 12 month low of $10.24 and a 12 month high of $16.58. The company has a market capitalization of $3.47 billion, a PE ratio of 8.77, a price-to-earnings-growth ratio of 1.31 and a beta of 1.47. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 2.05.
TEGNA (NYSE:TGNA) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $536.90 million for the quarter, compared to the consensus estimate of $534.10 million. TEGNA had a net margin of 18.24% and a return on equity of 28.43%. TEGNA’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. Sell-side analysts expect that TEGNA Inc. will post 1.22 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.75%. The ex-dividend date is Thursday, September 5th. TEGNA’s payout ratio is 15.30%.
TGNA has been the subject of several recent research reports. Wolfe Research upgraded TEGNA from a “market perform” rating to an “outperform” rating in a report on Monday, August 19th. Zacks Investment Research cut TEGNA from a “hold” rating to a “sell” rating and set a $16.00 price objective for the company. in a research report on Wednesday, August 7th. Cannonball Research started coverage on TEGNA in a research note on Wednesday, August 21st. They issued a “neutral” rating and a $17.00 target price on the stock. Barrington Research reaffirmed a “buy” rating and issued a $18.00 target price on shares of TEGNA in a research report on Tuesday, August 6th. Finally, ValuEngine lowered TEGNA from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $17.14.
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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