Fairpointe Capital LLC Has $122.17 Million Holdings in TEGNA Inc. (TGNA)

Fairpointe Capital LLC grew its stake in TEGNA Inc. (NYSE:TGNA) by 13.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,478,230 shares of the company’s stock after buying an additional 993,543 shares during the quarter. TEGNA makes up 2.4% of Fairpointe Capital LLC’s portfolio, making the stock its 16th biggest holding. Fairpointe Capital LLC owned 3.94% of TEGNA worth $122,171,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rhumbline Advisers increased its position in TEGNA by 4.4% in the second quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock worth $5,373,000 after buying an additional 15,555 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in TEGNA by 3.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 975,530 shares of the company’s stock worth $24,994,000 after buying an additional 36,990 shares in the last quarter. Bank of New York Mellon Corp increased its position in TEGNA by 22.7% in the second quarter. Bank of New York Mellon Corp now owns 2,957,427 shares of the company’s stock worth $42,616,000 after buying an additional 546,885 shares in the last quarter. Principal Financial Group Inc. increased its position in TEGNA by 2.1% in the first quarter. Principal Financial Group Inc. now owns 335,146 shares of the company’s stock worth $8,586,000 after buying an additional 6,943 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in TEGNA by 0.4% in the first quarter. OppenheimerFunds Inc. now owns 15,799 shares of the company’s stock worth $405,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 98.00% of the company’s stock.

TGNA has been the subject of several research analyst reports. ValuEngine upgraded TEGNA from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. FBR & Co reiterated a “hold” rating and set a $15.00 target price on shares of TEGNA in a research report on Wednesday, September 20th. Noble Financial reiterated a “buy” rating on shares of TEGNA in a research report on Thursday, August 3rd. BidaskClub cut TEGNA from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $14.00 target price (down previously from $16.00) on shares of TEGNA in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.63.

Shares of TEGNA Inc. (NYSE:TGNA) traded down 2.99% during trading on Monday, reaching $13.00. The company had a trading volume of 627,447 shares. TEGNA Inc. has a 52 week low of $12.01 and a 52 week high of $26.65. The stock’s 50-day moving average price is $12.72 and its 200-day moving average price is $14.48. The company has a market capitalization of $2.80 billion, a PE ratio of 15.89 and a beta of 1.72.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The firm had revenue of $489.36 million during the quarter, compared to analyst estimates of $486.29 million. During the same quarter in the previous year, the business earned $0.50 EPS. TEGNA’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts expect that TEGNA Inc. will post $1.09 EPS for the current fiscal year.

TEGNA announced that its board has approved a stock buyback program on Tuesday, September 19th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to repurchase up to 11.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were paid a dividend of $0.07 per share. The ex-dividend date was Thursday, September 7th. This represents a $0.28 annualized dividend and a yield of 2.09%. TEGNA’s dividend payout ratio (DPR) is currently 16.97%.

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Other institutional investors and hedge funds also recently modified their holdings of the company. Rhumbline Advisers increased its position in TEGNA by 4.4% in the second quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock worth $5,373,000 after buying an additional 15,555 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in TEGNA by 3.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 975,530 shares of the company’s stock worth $24,994,000 after buying an additional 36,990 shares in the last quarter. Bank of New York Mellon Corp increased its position in TEGNA by 22.7% in the second quarter. Bank of New York Mellon Corp now owns 2,957,427 shares of the company’s stock worth $42,616,000 after buying an additional 546,885 shares in the last quarter. Principal Financial Group Inc. increased its position in TEGNA by 2.1% in the first quarter. Principal Financial Group Inc. now owns 335,146 shares of the company’s stock worth $8,586,000 after buying an additional 6,943 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in TEGNA by 0.4% in the first quarter. OppenheimerFunds Inc. now owns 15,799 shares of the company’s stock worth $405,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 98.00% of the company’s stock.

TGNA has been the subject of several research analyst reports. ValuEngine upgraded TEGNA from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. FBR & Co reiterated a “hold” rating and set a $15.00 target price on shares of TEGNA in a research report on Wednesday, September 20th. Noble Financial reiterated a “buy” rating on shares of TEGNA in a research report on Thursday, August 3rd. BidaskClub cut TEGNA from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $14.00 target price (down previously from $16.00) on shares of TEGNA in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.63.

Shares of TEGNA Inc. (NYSE:TGNA) traded down 2.99% during trading on Monday, reaching $13.00. The company had a trading volume of 627,447 shares. TEGNA Inc. has a 52 week low of $12.01 and a 52 week high of $26.65. The stock’s 50-day moving average price is $12.72 and its 200-day moving average price is $14.48. The company has a market capitalization of $2.80 billion, a PE ratio of 15.89 and a beta of 1.72.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The firm had revenue of $489.36 million during the quarter, compared to analyst estimates of $486.29 million. During the same quarter in the previous year, the business earned $0.50 EPS. TEGNA’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts expect that TEGNA Inc. will post $1.09 EPS for the current fiscal year.

TEGNA announced that its board has approved a stock buyback program on Tuesday, September 19th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to repurchase up to 11.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were paid a dividend of $0.07 per share. The ex-dividend date was Thursday, September 7th. This represents a $0.28 annualized dividend and a yield of 2.09%. TEGNA’s dividend payout ratio (DPR) is currently 16.97%.

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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.

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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