Commonwealth of Pennsylvania Public School Empls Retrmt SYS Increases Stake in TEGNA Inc. $TGNA

Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of TEGNA Inc. (NYSE:TGNA) by 7.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,264 shares of the company’s stock after purchasing an additional 2,706 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in TEGNA were worth $692,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in TEGNA in the second quarter worth about $38,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of TEGNA by 1,018.3% in the second quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock worth $50,000 after buying an additional 2,729 shares during the period. TD Private Client Wealth LLC boosted its holdings in TEGNA by 13,896.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 3,919 shares of the company’s stock valued at $66,000 after acquiring an additional 3,891 shares during the period. Amundi grew its position in TEGNA by 1,507.5% in the 1st quarter. Amundi now owns 4,067 shares of the company’s stock valued at $74,000 after acquiring an additional 3,814 shares during the last quarter. Finally, Strs Ohio bought a new position in TEGNA in the 1st quarter valued at $86,000. 92.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on TGNA. Guggenheim reiterated a “neutral” rating and set a $19.00 target price on shares of TEGNA in a research report on Friday, August 22nd. Wells Fargo & Company lowered shares of TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research report on Monday, November 17th. Finally, Zacks Research lowered shares of TEGNA from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $19.75.

TEGNA Stock Performance

Shares of TGNA stock opened at $19.29 on Tuesday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 6.94 and a beta of 0.25. TEGNA Inc. has a 52-week low of $14.87 and a 52-week high of $21.35. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.82. The company’s 50 day moving average is $20.12 and its 200 day moving average is $18.72.

TEGNA (NYSE:TGNA) last announced its earnings results on Monday, November 10th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.02). TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The company had revenue of $650.79 million for the quarter, compared to the consensus estimate of $658.28 million. During the same period last year, the business posted $0.94 EPS. The firm’s revenue was down 19.3% compared to the same quarter last year. On average, sell-side analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 5th will be issued a $0.125 dividend. The ex-dividend date is Friday, December 5th. This represents a $0.50 dividend on an annualized basis and a yield of 2.6%. TEGNA’s payout ratio is currently 23.58%.

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.