Mutual of America Capital Management LLC increased its position in TEGNA Inc. (NYSE:TGNA) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 174,749 shares of the company’s stock after purchasing an additional 5,000 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.08% of TEGNA worth $2,329,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in TGNA. Rhumbline Advisers grew its position in shares of TEGNA by 4.4% during 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. Schwab Charles Investment Management Inc. grew its position in shares of TEGNA by 3.9% during the 1st 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 during the period. Bank of New York Mellon Corp grew its position in shares of TEGNA by 22.7% during 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. grew its position in shares of TEGNA by 711.1% during 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, Principal Financial Group Inc. grew its position in shares of TEGNA by 2.1% during the 1st 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 during the period. Hedge funds and other institutional investors own 98.29% of the company’s stock.
TEGNA Inc. (NYSE:TGNA) opened at 12.39 on Tuesday. TEGNA Inc. has a 12-month low of $12.01 and a 12-month high of $26.65. The stock’s 50 day moving average price is $12.78 and its 200 day moving average price is $14.04. The company has a market cap of $2.67 billion, a PE ratio of 15.15 and a beta of 1.72.
TEGNA (NYSE:TGNA) last released its earnings results on Tuesday, August 1st. The company reported $0.29 EPS for the quarter, topping the 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 business had revenue of $489.36 million during the quarter, compared to analysts’ expectations of $486.29 million. During the same quarter last year, the firm posted $0.50 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Equities research analysts anticipate that TEGNA Inc. will post $1.10 EPS for the current year.
TEGNA announced that its board has approved a stock repurchase program on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 11.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
TGNA has been the subject of several analyst reports. TheStreet lowered TEGNA from a “b” rating to a “c+” rating in a research report on Thursday, July 13th. FBR & Co restated a “hold” rating and set a $15.00 target price on shares of TEGNA in a research report on Wednesday, September 20th. Noble Financial restated a “buy” rating on shares of TEGNA in a research report on Thursday, August 3rd. Zacks Investment Research upgraded TEGNA from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Finally, Jefferies Group LLC restated a “hold” rating and set a $14.00 target price (down from $16.00) on shares of TEGNA in a research report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $18.44.
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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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