Picton Mahoney Asset Management Takes Position in TEGNA Inc. (NYSE:TGNA)

Picton Mahoney Asset Management bought a new stake in TEGNA Inc. (NYSE:TGNA) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 141,800 shares of the company’s stock, valued at approximately $2,148,000.

Other large investors also recently added to or reduced their stakes in the company. Advisors Preferred LLC acquired a new position in shares of TEGNA in the second quarter valued at approximately $25,000. DekaBank Deutsche Girozentrale acquired a new position in shares of TEGNA in the second quarter valued at approximately $85,000. Balasa Dinverno & Foltz LLC acquired a new position in shares of TEGNA in the first quarter valued at approximately $144,000. Advisor Group Inc. increased its holdings in shares of TEGNA by 172.1% in the second quarter. Advisor Group Inc. now owns 10,406 shares of the company’s stock valued at $157,000 after purchasing an additional 6,581 shares during the period. Finally, Piedmont Investment Advisors Inc. acquired a new position in shares of TEGNA in the first quarter valued at approximately $174,000. 97.48% of the stock is currently owned by institutional investors and hedge funds.

TGNA has been the topic of a number of analyst reports. Stephens downgraded TEGNA from an “overweight” rating to an “equal” rating and decreased their price target for the company from $19.00 to $17.00 in a research note on Tuesday, June 11th. Wolfe Research upgraded TEGNA from a “market perform” rating to an “outperform” rating in a research note on Monday, August 19th. Cannonball Research initiated coverage on TEGNA in a research note on Wednesday. They issued a “neutral” rating and a $17.00 price target on the stock. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of TEGNA in a research note on Friday, May 10th. Finally, Barrington Research restated a “buy” rating and issued a $18.00 price target on shares of TEGNA in a research note on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $17.14.

NYSE:TGNA traded down $0.53 on Friday, hitting $14.23. 1,736,047 shares of the stock were exchanged, compared to its average volume of 3,106,481. The stock has a market cap of $3.20 billion, a PE ratio of 7.78, a PEG ratio of 1.21 and a beta of 1.46. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 2.05. The stock has a fifty day moving average of $15.05 and a 200-day moving average of $14.75. TEGNA Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $16.58.

TEGNA (NYSE:TGNA) last issued its earnings results on Tuesday, August 6th. The company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The company had revenue of $536.90 million during the quarter, compared to the consensus estimate of $534.10 million. TEGNA had a return on equity of 28.43% and a net margin of 18.24%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 earnings per share. As a group, analysts predict that TEGNA Inc. will post 1.22 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Thursday, September 5th. TEGNA’s dividend payout ratio is currently 15.30%.

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.

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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