New York State Teachers Retirement System Sells 34,594 Shares of TEGNA Inc. (NYSE:TGNA)

New York State Teachers Retirement System decreased its position in shares of TEGNA Inc. (NYSE:TGNA) by 10.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 301,806 shares of the company’s stock after selling 34,594 shares during the period. New York State Teachers Retirement System owned approximately 0.15% of TEGNA worth $4,618,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Muhlenkamp & Co. Inc. increased its position in shares of TEGNA by 106.0% in the third quarter. Muhlenkamp & Co. Inc. now owns 431,541 shares of the company’s stock worth $6,288,000 after purchasing an additional 222,103 shares during the period. LSV Asset Management increased its position in shares of TEGNA by 10.0% in the third quarter. LSV Asset Management now owns 4,668,419 shares of the company’s stock worth $68,019,000 after purchasing an additional 424,579 shares during the period. Dark Forest Capital Management LP bought a new position in shares of TEGNA in the third quarter worth $540,000. Vanguard Group Inc. increased its position in shares of TEGNA by 2.1% in the third quarter. Vanguard Group Inc. now owns 24,582,211 shares of the company’s stock worth $358,163,000 after purchasing an additional 499,171 shares during the period. Finally, Gabelli Funds LLC increased its position in shares of TEGNA by 3.4% in the third quarter. Gabelli Funds LLC now owns 1,875,027 shares of the company’s stock worth $27,319,000 after purchasing an additional 62,173 shares during the period. Institutional investors own 92.19% of the company’s stock.

TEGNA Stock Performance

TEGNA stock opened at $13.60 on Friday. TEGNA Inc. has a 12-month low of $13.40 and a 12-month high of $17.37. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.14. The business’s 50-day moving average price is $14.40 and its two-hundred day moving average price is $14.88. The stock has a market cap of $2.40 billion, a PE ratio of 6.02 and a beta of 0.50.

TEGNA (NYSE:TGNA) last released its earnings results on Thursday, February 29th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). TEGNA had a net margin of 16.38% and a return on equity of 12.41%. The business had revenue of $725.80 million during the quarter, compared to the consensus estimate of $750.78 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The business’s revenue was down 20.9% on a year-over-year basis. As a group, analysts expect that TEGNA Inc. will post 3.05 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were paid a dividend of $0.114 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 7th. TEGNA’s payout ratio is 20.35%.

Analysts Set New Price Targets

TGNA has been the topic of a number of recent analyst reports. Benchmark decreased their price target on TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Wells Fargo & Company decreased their price target on TEGNA from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, February 9th. Finally, JPMorgan Chase & Co. decreased their target price on TEGNA from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, March 1st.

Insider Activity

In other news, CEO David T. Lougee sold 43,750 shares of TEGNA stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $14.70, for a total transaction of $643,125.00. Following the sale, the chief executive officer now directly owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO David T. Lougee sold 150,000 shares of TEGNA stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $15.21, for a total transaction of $2,281,500.00. Following the sale, the chief executive officer now directly owns 636,262 shares of the company’s stock, valued at $9,677,545.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David T. Lougee sold 43,750 shares of TEGNA stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $14.70, for a total value of $643,125.00. Following the sale, the chief executive officer now directly owns 725,651 shares in the company, valued at $10,667,069.70. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.

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.