TEGNA Inc. (NYSE:TGNA) Shares Bought by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp boosted its stake in shares of TEGNA Inc. (NYSE:TGNA) by 0.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 173,408 shares of the company’s stock after buying an additional 1,341 shares during the period. Texas Permanent School Fund Corp owned about 0.10% of TEGNA worth $2,417,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new position in TEGNA during the 4th quarter worth approximately $38,009,000. LSV Asset Management increased its holdings in shares of TEGNA by 29.5% in the 2nd quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock valued at $111,862,000 after purchasing an additional 1,827,471 shares during the period. Vanguard Group Inc. lifted its position in shares of TEGNA by 5.8% in the first quarter. Vanguard Group Inc. now owns 26,798,623 shares of the company’s stock worth $400,371,000 after purchasing an additional 1,471,691 shares in the last quarter. Kodai Capital Management LP acquired a new stake in shares of TEGNA during the fourth quarter worth approximately $7,477,000. Finally, Goldman Sachs Group Inc. increased its stake in TEGNA by 26.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,330,866 shares of the company’s stock valued at $35,662,000 after buying an additional 484,658 shares during the period. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Price Performance

NYSE TGNA opened at $14.45 on Tuesday. The firm has a market cap of $2.39 billion, a P/E ratio of 5.05 and a beta of 0.49. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. The stock’s 50-day moving average is $14.52 and its two-hundred day moving average is $14.29. TEGNA Inc. has a fifty-two week low of $12.35 and a fifty-two week high of $16.56.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company had revenue of $710.36 million during the quarter, compared to analysts’ expectations of $715.40 million. During the same period in the prior year, the business earned $0.44 earnings per share. TEGNA’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, analysts anticipate that TEGNA Inc. will post 3.07 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Friday, September 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.48%.

Wall Street Analysts Forecast Growth

Separately, Benchmark reaffirmed a “buy” rating and issued a $21.00 price target on shares of TEGNA in a research note on Thursday, August 8th.

Insider Transactions at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the sale, the chief operating officer now owns 179,617 shares of the company’s stock, valued at $2,493,083.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO David T. Lougee sold 98,437 shares of TEGNA stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.98, for a total value of $1,376,149.26. Following the completion of the transaction, the chief executive officer now owns 594,401 shares in the company, valued at $8,309,725.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the sale, the chief operating officer now directly owns 179,617 shares of the company’s stock, valued at $2,493,083.96. The disclosure for this sale can be found here. In the last three months, insiders sold 123,467 shares of company stock valued at $1,723,563. Company insiders own 0.88% of the company’s stock.

About TEGNA

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.