Texas Permanent School Fund Cuts Stake in Tegna Inc (TGNA)

Texas Permanent School Fund lowered its position in shares of Tegna Inc (NYSE:TGNA) by 7.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 145,411 shares of the company’s stock after selling 11,633 shares during the period. Texas Permanent School Fund’s holdings in Tegna were worth $2,047,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new position in shares of Tegna during the third quarter valued at $110,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Tegna by 523.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock valued at $138,000 after purchasing an additional 8,678 shares during the last quarter. Beacon Investment Advisory Services Inc. purchased a new position in Tegna in the third quarter valued at about $162,000. Quantbot Technologies LP purchased a new position in Tegna in the third quarter valued at about $169,000. Finally, State of Alaska Department of Revenue purchased a new position in Tegna in the fourth quarter valued at about $177,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Shares of Tegna Inc (NYSE:TGNA) opened at $13.75 on Thursday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 4.30. The firm has a market capitalization of $2,905.28, a PE ratio of 10.26, a price-to-earnings-growth ratio of 6.65 and a beta of 1.65. Tegna Inc has a twelve month low of $11.59 and a twelve month high of $17.08.

Tegna (NYSE:TGNA) last issued its quarterly earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. The business had revenue of $464.26 million during the quarter, compared to the consensus estimate of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. The company’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter last year, the company earned $0.65 earnings per share. sell-side analysts forecast that Tegna Inc will post 1.08 EPS for the current year.

In related news, EVP Todd A. Mayman sold 36,830 shares of Tegna 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 completion of the sale, the executive vice president now owns 19,420 shares of the company’s stock, valued at $245,274.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of Tegna stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $13.69, for a total value of $105,960.60. Following the sale, the senior vice president now directly owns 32,335 shares of the company’s stock, valued at approximately $442,666.15. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Several equities analysts have issued reports on the company. B. Riley reiterated a “neutral” rating on shares of Tegna in a research note on Wednesday, November 1st. BidaskClub lowered Tegna from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Noble Financial reiterated a “buy” rating on shares of Tegna in a research note on Tuesday, November 14th. Jefferies Group reiterated a “hold” rating and issued a $14.00 target price on shares of Tegna in a research note on Monday, October 16th. Finally, Zacks Investment Research lowered Tegna from a “hold” rating to a “sell” rating in a research note on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Tegna has a consensus rating of “Hold” and a consensus target price of $18.22.

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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.

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Institutional Ownership by Quarter for Tegna (NYSE:TGNA)

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