New York State Teachers Retirement System Has $3.93 Million Stock Holdings in TEGNA Inc. (NYSE:TGNA)

New York State Teachers Retirement System lessened its holdings in TEGNA Inc. (NYSE:TGNA) by 5.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 215,754 shares of the company’s stock after selling 12,000 shares during the period. New York State Teachers Retirement System owned approximately 0.13% of TEGNA worth $3,931,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in TEGNA by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company’s stock worth $34,260,000 after purchasing an additional 93,894 shares in the last quarter. Whitebox Advisors LLC raised its position in TEGNA by 459.6% in the fourth quarter. Whitebox Advisors LLC now owns 142,703 shares of the company’s stock worth $2,610,000 after purchasing an additional 117,203 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of TEGNA by 1,454.5% during the first quarter. Janney Montgomery Scott LLC now owns 179,765 shares of the company’s stock worth $3,275,000 after buying an additional 168,201 shares in the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of TEGNA by 13,258.8% during the fourth quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company’s stock worth $4,154,000 after buying an additional 225,400 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of TEGNA by 14.6% during the fourth quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock worth $15,841,000 after buying an additional 110,646 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

TGNA has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of TEGNA from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, May 21st. Benchmark dropped their price objective on shares of TEGNA from $21.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Guggenheim dropped their price objective on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company dropped their price objective on shares of TEGNA from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

TEGNA Price Performance

Shares of TGNA stock opened at $17.24 on Monday. TEGNA Inc. has a 52-week low of $13.37 and a 52-week high of $19.62. The stock has a market cap of $2.77 billion, a PE ratio of 6.07 and a beta of 0.30. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 1.40. The firm’s 50 day moving average price is $16.77 and its two-hundred day moving average price is $17.39.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. The firm had revenue of $680.05 million for the quarter, compared to analysts’ expectations of $677.24 million. During the same period last year, the firm earned $0.45 earnings per share. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. As a group, analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were paid a $0.125 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.50 dividend on an annualized basis and a yield of 2.90%. TEGNA’s payout ratio is presently 17.61%.

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.