TEGNA Inc. (TGNA) Shares Bought by First Trust Advisors LP

First Trust Advisors LP grew its holdings in TEGNA Inc. (NYSE:TGNA) by 35.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 603,781 shares of the company’s stock after buying an additional 159,004 shares during the quarter. First Trust Advisors LP owned approximately 0.28% of TEGNA worth $8,048,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. lifted its holdings in TEGNA by 0.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock worth $148,994,000 after buying an additional 57,105 shares during the period. Rhumbline Advisers lifted its holdings in TEGNA by 4.4% in the 2nd quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock worth $5,373,000 after buying an additional 15,555 shares during the period. Bank of New York Mellon Corp lifted its holdings in TEGNA by 22.7% in the 2nd 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 during the period. Clinton Group Inc. lifted its holdings in TEGNA by 711.1% in the 2nd quarter. Clinton Group Inc. now owns 302,168 shares of the company’s stock worth $4,354,000 after buying an additional 264,914 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in TEGNA by 8.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,327,077 shares of the company’s stock worth $76,767,000 after buying an additional 392,936 shares during the period. Institutional investors and hedge funds own 97.76% of the company’s stock.

Shares of TEGNA Inc. (TGNA) opened at $12.50 on Monday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 4.30. TEGNA Inc. has a fifty-two week low of $11.59 and a fifty-two week high of $17.08. The company has a market capitalization of $2,690.07, a price-to-earnings ratio of 7.86, a P/E/G ratio of 9.24 and a beta of 1.69.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. TEGNA had a return on equity of 20.50% and a net margin of 11.10%. The company had revenue of $464.26 million during the quarter, compared to analyst estimates of $463.23 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. TEGNA’s revenue was down 10.7% compared to the same quarter last year. analysts forecast that TEGNA Inc. will post 1.1 EPS for the current fiscal year.

TEGNA declared that its Board of Directors has approved a stock buyback plan on Tuesday, September 19th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 8th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 2.24%. The ex-dividend date is Thursday, December 7th. TEGNA’s dividend payout ratio is presently 20.90%.

A number of research analysts have recently commented on the company. BidaskClub cut TEGNA from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Zacks Investment Research cut TEGNA from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. ValuEngine upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Jefferies Group LLC restated a “hold” rating and issued a $14.00 target price on shares of TEGNA in a research note on Monday, October 16th. Finally, Royal Bank Of Canada assumed coverage on TEGNA in a research note on Tuesday, September 26th. They issued a “sector perform” rating and a $14.00 target price for the company. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $18.44.

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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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