White Pine Investment CO increased its stake in shares of Tegna Inc. (NYSE:TGNA) by 0.4% during the third quarter, Holdings Channel reports. The firm owned 150,263 shares of the company’s stock after buying an additional 637 shares during the period. Tegna accounts for about 1.9% of White Pine Investment CO’s holdings, making the stock its 23rd largest position. White Pine Investment CO owned 0.07% of Tegna worth $3,285,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Boston Partners boosted its stake in shares of Tegna by 329.5% in the second quarter. Boston Partners now owns 6,697,252 shares of the company’s stock worth $155,176,000 after buying an additional 5,137,873 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Tegna by 47.9% in the third quarter. Victory Capital Management Inc. now owns 5,939,808 shares of the company’s stock worth $129,844,000 after buying an additional 1,923,809 shares during the period. Kleinwort Benson Investors Dublin Ltd acquired a new stake in shares of Tegna during the second quarter worth approximately $34,953,000. Dimensional Fund Advisors LP boosted its stake in shares of Tegna by 23.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,470,207 shares of the company’s stock worth $103,561,000 after buying an additional 850,354 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Tegna by 67.6% in the third quarter. Prudential Financial Inc. now owns 2,010,158 shares of the company’s stock worth $43,942,000 after buying an additional 810,508 shares during the period. Institutional investors and hedge funds own 85.93% of the company’s stock.
Shares of Tegna Inc. (NYSE:TGNA) opened at 22.35 on Monday. The company has a market capitalization of $4.79 billion, a P/E ratio of 11.08 and a beta of 1.66. The firm’s 50 day moving average price is $20.50 and its 200-day moving average price is $21.75. Tegna Inc. has a 1-year low of $17.91 and a 1-year high of $28.95.
Tegna (NYSE:TGNA) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. Tegna had a return on equity of 19.14% and a net margin of 14.33%. The company had revenue of $860.27 million for the quarter, compared to the consensus estimate of $871.27 million. During the same quarter last year, the company earned $0.37 earnings per share. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Analysts expect that Tegna Inc. will post $2.27 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Friday, December 9th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Wednesday, December 7th. Tegna’s payout ratio is currently 26.67%.
Several research firms have recently issued reports on TGNA. Benchmark Co. began coverage on Tegna in a research report on Friday, August 19th. They issued a “buy” rating and a $26.00 price target for the company. FBR & Co reaffirmed a “hold” rating and issued a $24.00 price target on shares of Tegna in a research report on Thursday, September 8th. Stephens lowered Tegna from an “overweight” rating to an “equal weight” rating in a research report on Thursday, November 3rd. JPMorgan Chase & Co. lowered Tegna from an “overweight” rating to a “neutral” rating and set a $23.00 price target for the company. in a research report on Wednesday, November 23rd. They noted that the move was a valuation call. Finally, Barclays PLC reissued a “sell” rating and issued a $20.00 target price on shares of Tegna in a research report on Thursday, November 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $25.63.
Tegna Company Profile
TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). Its media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content.