Tegna Inc (TGNA) Shares Bought by BlackRock Inc.

BlackRock Inc. raised its stake in Tegna Inc (NYSE:TGNA) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,786,042 shares of the company’s stock after buying an additional 242,376 shares during the period. BlackRock Inc. owned 8.26% of Tegna worth $250,427,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Cerebellum GP LLC acquired a new stake in Tegna in the fourth quarter valued at approximately $104,000. Point72 Asset Management L.P. acquired a new stake in Tegna in the third quarter valued at approximately $110,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Tegna by 523.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock valued at $138,000 after buying an additional 8,678 shares in the last quarter. Conning Inc. acquired a new stake in Tegna in the fourth quarter valued at approximately $147,000. Finally, Outfitter Advisors LTD. acquired a new stake in Tegna in the fourth quarter valued at approximately $159,000. Hedge funds and other institutional investors own 99.91% of the company’s stock.

In related news, COO Lynn B. Trelstad sold 3,112 shares of Tegna stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $12.85, for a total transaction of $39,989.20. Following the completion of the transaction, the chief operating officer now owns 24,152 shares of the company’s stock, valued at $310,353.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.81% of the stock is owned by company insiders.

A number of brokerages have weighed in on TGNA. Noble Financial restated a “buy” rating on shares of Tegna in a research report on Tuesday, November 14th. Barclays reaffirmed an “underweight” rating on shares of Tegna in a research note on Monday, March 5th. Zacks Investment Research raised shares of Tegna from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Tuesday, March 6th. Finally, ValuEngine downgraded shares of Tegna from a “buy” rating to a “hold” rating in a research note on Thursday, March 1st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Tegna currently has an average rating of “Hold” and a consensus price target of $15.63.

Tegna Inc (TGNA) opened at $12.92 on Tuesday. The stock has a market cap of $2,780.00, a price-to-earnings ratio of 9.86, a PEG ratio of 6.12 and a beta of 1.55. Tegna Inc has a 52 week low of $11.59 and a 52 week high of $16.92. The company has a debt-to-equity ratio of 3.02, a quick ratio of 1.96 and a current ratio of 1.96.

Tegna (NYSE:TGNA) last released its quarterly earnings results on Thursday, March 1st. The company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.01. The firm had revenue of $480.45 million during the quarter, compared to the consensus estimate of $491.79 million. Tegna had a net margin of 20.74% and a return on equity of 19.56%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 earnings per share. sell-side analysts forecast that Tegna Inc will post 1.71 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Thursday, March 8th. Tegna’s dividend payout ratio is presently 21.37%.

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Tegna Profile

Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.

Institutional Ownership by Quarter for Tegna (NYSE:TGNA)

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