Highbridge Capital Management LLC cut its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 17.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 189,284 shares of the company’s stock after selling 39,718 shares during the period. Highbridge Capital Management LLC owned approximately 0.09% of TEGNA worth $2,264,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Trexquant Investment LP acquired a new stake in TEGNA in the second quarter worth approximately $115,000. Todd Asset Management LLC acquired a new stake in TEGNA in the second quarter worth approximately $115,000. People s United Financial Inc. acquired a new stake in TEGNA in the third quarter worth approximately $124,000. Mengis Capital Management Inc. bought a new position in shares of TEGNA in the third quarter valued at $138,000. Finally, Cadence Capital Management LLC bought a new position in shares of TEGNA in the second quarter valued at $140,000. Institutional investors and hedge funds own 94.22% of the company’s stock.
Shares of NYSE:TGNA opened at $12.69 on Friday. The company has a debt-to-equity ratio of 2.48, a quick ratio of 1.47 and a current ratio of 1.47. TEGNA Inc. has a 12-month low of $10.00 and a 12-month high of $15.60. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.36 and a beta of 1.55.
TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, November 8th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.03. TEGNA had a net margin of 26.46% and a return on equity of 28.02%. The company had revenue of $539.00 million for the quarter, compared to the consensus estimate of $537.68 million. During the same period in the previous year, the business earned $0.23 EPS. The company’s revenue was up 16.1% on a year-over-year basis. On average, sell-side analysts forecast that TEGNA Inc. will post 1.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 7th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 2.21%. The ex-dividend date is Thursday, December 6th. TEGNA’s dividend payout ratio (DPR) is currently 25.93%.
Several research analysts have issued reports on TGNA shares. Zacks Investment Research raised TEGNA from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Wednesday, November 28th. Gabelli started coverage on TEGNA in a report on Tuesday, November 27th. They issued a “buy” rating on the stock. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a report on Friday, November 16th. Barrington Research reaffirmed a “buy” rating and issued a $15.00 price target on shares of TEGNA in a report on Thursday, August 16th. Finally, ValuEngine raised TEGNA from a “sell” rating to a “hold” rating in a report on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $14.67.
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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.
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