Commonwealth Bank of Australia grew its position in Tegna Inc (NYSE:TGNA) by 109.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,154 shares of the company’s stock after purchasing an additional 29,400 shares during the period. Commonwealth Bank of Australia’s holdings in Tegna were worth $744,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Diamond Hill Capital Management Inc. increased its holdings in shares of Tegna by 0.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock valued at $148,994,000 after acquiring an additional 57,105 shares during the last quarter. Empirical Finance LLC increased its holdings in shares of Tegna by 75.0% during the 3rd quarter. Empirical Finance LLC now owns 123,668 shares of the company’s stock valued at $1,649,000 after acquiring an additional 52,993 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Tegna by 4.4% during the 2nd quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock valued at $5,373,000 after acquiring an additional 15,555 shares during the last quarter. Clinton Group Inc. increased its holdings in shares of Tegna by 711.1% during the 2nd quarter. Clinton Group Inc. now owns 302,168 shares of the company’s stock valued at $4,354,000 after acquiring an additional 264,914 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings 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 valued at $42,616,000 after acquiring an additional 546,885 shares during the last quarter. 99.89% of the stock is currently owned by institutional investors.
Shares of Tegna Inc (TGNA) traded down $0.16 during trading hours on Thursday, reaching $13.62. The company had a trading volume of 1,598,200 shares, compared to its average volume of 3,518,224. Tegna Inc has a 1 year low of $11.59 and a 1 year high of $17.08. The company has a market cap of $2,965.54, a P/E ratio of 8.67, a price-to-earnings-growth ratio of 10.48 and a beta of 1.72. The company has a debt-to-equity ratio of 4.30, a quick ratio of 1.37 and a current ratio of 1.37.
Tegna announced that its Board of Directors has approved a share buyback program on Tuesday, September 19th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 11.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.28 annualized dividend and a yield of 2.06%. Tegna’s payout ratio is 20.90%.
In related news, EVP Todd A. Mayman sold 36,830 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $245,274.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.81% of the stock is owned by corporate insiders.
TGNA has been the topic of a number of analyst reports. FBR & Co reissued a “hold” rating and set a $15.00 price objective on shares of Tegna in a report on Wednesday, September 20th. BidaskClub lowered Tegna from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. ValuEngine raised Tegna from a “buy” rating to a “strong-buy” rating in a report on Friday, December 1st. Zacks Investment Research raised Tegna from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, Noble Financial reissued a “buy” rating on shares of Tegna in a report on Tuesday, November 14th. Two analysts have rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $17.88.
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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