Shell Asset Management Co. trimmed its position in shares of TEGNA Inc. (NYSE:TGNA – Get Rating) by 12.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 33,092 shares of the company’s stock after selling 4,889 shares during the quarter. Shell Asset Management Co.’s holdings in TEGNA were worth $741,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Steward Financial Group LLC bought a new stake in TEGNA during the 1st quarter valued at approximately $33,000. Covestor Ltd purchased a new position in shares of TEGNA during the fourth quarter valued at approximately $34,000. UMB Bank N A MO purchased a new position in shares of TEGNA during the fourth quarter valued at approximately $39,000. Islay Capital Management LLC lifted its holdings in shares of TEGNA by 10.4% during the first quarter. Islay Capital Management LLC now owns 6,560 shares of the company’s stock valued at $147,000 after purchasing an additional 616 shares during the last quarter. Finally, National Asset Management Inc. purchased a new position in shares of TEGNA during the fourth quarter valued at approximately $199,000. 89.25% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on TGNA. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a report on Friday, July 22nd. Wells Fargo & Company lowered shares of TEGNA from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $23.00 to $24.00 in a report on Wednesday, May 4th. Huber Research upgraded shares of TEGNA from an “underweight” rating to an “overweight” rating in a report on Monday, June 6th. Finally, Argus lowered shares of TEGNA from a “buy” rating to a “hold” rating in a report on Wednesday, April 13th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.50.
TEGNA Price Performance
TEGNA (NYSE:TGNA – Get Rating) last announced its earnings results on Monday, May 9th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $774.30 million during the quarter, compared to analyst estimates of $765.83 million. TEGNA had a net margin of 16.41% and a return on equity of 20.19%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 EPS. As a group, research analysts expect that TEGNA Inc. will post 3.1 EPS for the current fiscal year.
TEGNA Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be paid a dividend of $0.095 per share. The ex-dividend date is Thursday, September 8th. This represents a $0.38 dividend on an annualized basis and a yield of 1.81%. TEGNA’s dividend payout ratio is presently 16.96%.
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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