TEGNA Inc. (NYSE:TGNA) EVP Todd A. Mayman sold 36,830 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $12.63, for a total value of $465,162.90. Following the sale, the executive vice president now owns 19,420 shares of the company’s stock, valued at $245,274.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
TEGNA Inc. (NYSE TGNA) opened at $12.38 on Tuesday. TEGNA Inc. has a twelve month low of $11.59 and a twelve month high of $17.08. The company has a market capitalization of $2,690.07, a P/E ratio of 7.86, a P/E/G ratio of 9.24 and a beta of 1.69. The company has a debt-to-equity ratio of 4.30, a current ratio of 1.37 and a quick ratio of 1.37.
TEGNA (NYSE:TGNA) last released its quarterly earnings data on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. TEGNA had a return on equity of 20.50% and a net margin of 11.10%. The firm had revenue of $464.26 million for the quarter, compared to analysts’ expectations of $463.23 million. During the same period in the prior year, the firm posted $0.65 earnings per share. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. equities analysts anticipate that TEGNA Inc. will post 1.1 EPS for the current fiscal year.
TEGNA declared that its board has approved a share repurchase plan on Tuesday, September 19th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Thursday, December 7th. TEGNA’s dividend payout ratio is presently 20.90%.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. lifted its holdings in TEGNA by 0.4% in the first quarter. OppenheimerFunds Inc. now owns 15,799 shares of the company’s stock valued at $405,000 after acquiring an additional 67 shares during the last quarter. HPM Partners LLC lifted its holdings in TEGNA by 0.6% in the second quarter. HPM Partners LLC now owns 12,764 shares of the company’s stock valued at $184,000 after acquiring an additional 77 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in TEGNA by 0.5% in the first quarter. Nomura Asset Management Co. Ltd. now owns 28,193 shares of the company’s stock valued at $722,000 after acquiring an additional 153 shares during the last quarter. Synovus Financial Corp lifted its holdings in TEGNA by 4.4% in the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after acquiring an additional 438 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in TEGNA by 4.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock valued at $182,000 after acquiring an additional 499 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.
TGNA has been the subject of several research reports. ValuEngine upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. FBR & Co cut their price objective on TEGNA from $24.00 to $16.00 and set a “mkt perform” rating for the company in a research note on Friday, July 28th. Jefferies Group LLC reiterated a “hold” rating and set a $14.00 price objective (down from $16.00) on shares of TEGNA in a research note on Wednesday, August 2nd. Noble Financial restated a “buy” rating on shares of TEGNA in a report on Thursday, August 3rd. Finally, BidaskClub cut TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $18.44.
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.
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