JPMorgan Chase & Co. trimmed its holdings in TEGNA Inc. (NYSE:TGNA) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,034,013 shares of the company’s stock after selling 22,046 shares during the period. JPMorgan Chase & Co. owned about 0.48% of TEGNA worth $14,579,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the business. BlackRock Inc. grew its stake in TEGNA by 2.6% in the fourth quarter. BlackRock Inc. now owns 25,426,490 shares of the company’s stock valued at $276,386,000 after acquiring an additional 653,935 shares during the period. LSV Asset Management boosted its position in shares of TEGNA by 15.9% during the first quarter. LSV Asset Management now owns 6,267,061 shares of the company’s stock worth $88,365,000 after buying an additional 861,509 shares during the period. Northern Trust Corp boosted its position in shares of TEGNA by 24.4% during the fourth quarter. Northern Trust Corp now owns 5,353,589 shares of the company’s stock worth $58,194,000 after buying an additional 1,050,702 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of TEGNA by 10.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,895,440 shares of the company’s stock worth $53,213,000 after buying an additional 445,062 shares during the period. Finally, Norges Bank acquired a new position in shares of TEGNA during the fourth quarter worth about $45,100,000. 97.31% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently issued reports on TGNA. Evercore ISI upgraded TEGNA from an “in-line” rating to an “outperform” rating in a report on Monday, March 25th. ValuEngine upgraded TEGNA from a “strong sell” rating to a “sell” rating in a research note on Thursday, February 28th. Noble Financial set a $20.00 price objective on TEGNA and gave the company a “buy” rating in a research note on Friday, May 10th. Stephens lowered TEGNA from an “overweight” rating to an “equal” rating and dropped their price objective for the company from $19.00 to $17.00 in a research note on Tuesday, June 11th. Finally, Barrington Research restated a “buy” rating and issued a $17.00 price objective on shares of TEGNA in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $15.63.
TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, May 9th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02. The company had revenue of $516.80 million for the quarter, compared to analyst estimates of $512.45 million. TEGNA had a return on equity of 30.61% and a net margin of 18.91%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.33 earnings per share. On average, research analysts predict that TEGNA Inc. will post 1.26 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.85%. TEGNA’s dividend payout ratio (DPR) is currently 15.30%.
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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