Teacher Retirement System of Texas Lowers Holdings in TEGNA Inc. (NYSE:TGNA)

Teacher Retirement System of Texas trimmed its holdings in TEGNA Inc. (NYSE:TGNA) by 26.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,831 shares of the company’s stock after selling 53,829 shares during the period. Teacher Retirement System of Texas owned about 0.09% of TEGNA worth $2,766,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Jones Financial Companies Lllp bought a new position in shares of TEGNA during the fourth quarter valued at approximately $27,000. Neo Ivy Capital Management bought a new position in shares of TEGNA during the fourth quarter valued at approximately $28,000. Smartleaf Asset Management LLC grew its stake in TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after purchasing an additional 832 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in TEGNA by 80.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company’s stock worth $31,000 after purchasing an additional 749 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in TEGNA in the fourth quarter worth approximately $32,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Stock Up 0.8%

TEGNA stock opened at $17.31 on Thursday. TEGNA Inc. has a twelve month low of $13.37 and a twelve month high of $19.62. The stock’s fifty day simple moving average is $16.82 and its 200-day simple moving average is $17.38. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $2.78 billion, a P/E ratio of 6.10 and a beta of 0.30.

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

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were issued 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 2.89%. TEGNA’s dividend payout ratio (DPR) is presently 17.61%.

Analysts Set New Price Targets

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

About TEGNA

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.