TEGNA Inc. $TGNA Stake Lowered by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its stake in shares of TEGNA Inc. (NYSE:TGNA) by 51.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,698 shares of the company’s stock after selling 78,133 shares during the quarter. Teacher Retirement System of Texas’ holdings in TEGNA were worth $1,235,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd grew its holdings in shares of TEGNA by 1,018.3% during the second quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock valued at $50,000 after purchasing an additional 2,729 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of TEGNA by 53.3% during the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company’s stock valued at $57,000 after purchasing an additional 1,088 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in shares of TEGNA by 13,896.4% during the second quarter. TD Private Client Wealth LLC now owns 3,919 shares of the company’s stock valued at $66,000 after purchasing an additional 3,891 shares during the last quarter. Amundi grew its holdings in shares of TEGNA by 1,507.5% during the first quarter. Amundi now owns 4,067 shares of the company’s stock valued at $74,000 after purchasing an additional 3,814 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of TEGNA during the first quarter valued at approximately $86,000. 92.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Zacks Research lowered TEGNA from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. Wells Fargo & Company lowered TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of TEGNA in a report on Wednesday, October 8th. Finally, Guggenheim reissued a “neutral” rating and issued a $19.00 price objective on shares of TEGNA in a report on Friday, August 22nd. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $19.75.

TEGNA Stock Performance

TGNA opened at $19.95 on Thursday. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 7.18 and a beta of 0.25. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. TEGNA Inc. has a 1-year low of $14.87 and a 1-year high of $21.35. The business has a 50 day moving average price of $20.43 and a two-hundred day moving average price of $18.38.

TEGNA (NYSE:TGNA) last released its earnings results on Thursday, August 7th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The firm had revenue of $675.05 million during the quarter, compared to the consensus estimate of $673.92 million. TEGNA had a return on equity of 16.20% and a net margin of 14.99%.The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. Research analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, September 5th. TEGNA’s dividend payout ratio is 17.99%.

TEGNA 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.