JPMorgan Chase & Co. lowered its position in Tegna Inc (NYSE:TGNA) by 93.1% in the 3rd quarter, Holdings Channel reports. The firm owned 62,273 shares of the company’s stock after selling 837,873 shares during the period. JPMorgan Chase & Co.’s holdings in Tegna were worth $837,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in TGNA. Canyon Capital Advisors LLC purchased a new stake in shares of Tegna in the second quarter valued at about $82,306,000. BlackRock Inc. raised its holdings in shares of Tegna by 32.2% in the second quarter. BlackRock Inc. now owns 17,593,214 shares of the company’s stock valued at $253,518,000 after purchasing an additional 4,286,497 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Tegna by 126.6% during the second quarter. Artisan Partners Limited Partnership now owns 5,849,357 shares of the company’s stock valued at $84,289,000 after buying an additional 3,268,362 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Tegna during the second quarter valued at about $32,068,000. Finally, Laurion Capital Management LP bought a new position in Tegna during the second quarter valued at about $26,294,000. Institutional investors own 99.71% of the company’s stock.
Tegna Inc (NYSE:TGNA) opened at $15.04 on Friday. The firm has a market cap of $3,249.61, a PE ratio of 11.22, a P/E/G ratio of 7.78 and a beta of 1.72. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 4.30. Tegna Inc has a 1 year low of $11.59 and a 1 year high of $17.08.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 8th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $0.28 dividend on an annualized basis and a yield of 1.86%. Tegna’s dividend payout ratio is presently 20.90%.
Tegna declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to buy up to 11.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several equities analysts recently weighed in on TGNA shares. ValuEngine upgraded shares of Tegna from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. FBR & Co restated a “hold” rating and set a $15.00 price target on shares of Tegna in a research report on Wednesday, November 1st. Wells Fargo & Co upgraded shares of Tegna from a “market perform” rating to an “outperform” rating and set a $19.00 price target for the company in a research report on Thursday, January 4th. BidaskClub upgraded shares of Tegna from a “sell” rating to a “hold” rating in a research report on Thursday, September 28th. Finally, Noble Financial restated a “buy” rating on shares of Tegna in a research report on Wednesday, October 11th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Tegna has a consensus rating of “Hold” and a consensus price target of $18.50.
In other Tegna news, SVP Clifton A. Mcclelland III sold 7,740 shares of the stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the completion of the transaction, the senior vice president now owns 32,335 shares in the company, valued at $442,666.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Todd A. Mayman sold 36,830 shares of the stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $12.63, for a total transaction of $465,162.90. Following the transaction, the executive vice president now owns 19,420 shares of the company’s stock, valued at approximately $245,274.60. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.
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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