Mackenzie Financial Corp Sells 6,029 Shares of TEGNA Inc. (NYSE:TGNA)

Mackenzie Financial Corp decreased its position in TEGNA Inc. (NYSE:TGNA) by 6.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 81,919 shares of the company’s stock after selling 6,029 shares during the period. Mackenzie Financial Corp’s holdings in TEGNA were worth $1,253,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of TEGNA by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 24,582,211 shares of the company’s stock worth $358,163,000 after purchasing an additional 499,171 shares during the period. Boston Partners raised its holdings in TEGNA by 4.4% during the 3rd quarter. Boston Partners now owns 10,574,902 shares of the company’s stock valued at $154,046,000 after acquiring an additional 445,464 shares during the period. LSV Asset Management raised its holdings in TEGNA by 10.0% during the 3rd quarter. LSV Asset Management now owns 4,668,419 shares of the company’s stock valued at $68,019,000 after acquiring an additional 424,579 shares during the period. AQR Capital Management LLC raised its holdings in TEGNA by 190.5% during the 3rd quarter. AQR Capital Management LLC now owns 3,224,755 shares of the company’s stock valued at $46,985,000 after acquiring an additional 2,114,826 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in TEGNA by 2.5% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,415,296 shares of the company’s stock valued at $35,191,000 after acquiring an additional 58,870 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Up 0.7 %

TGNA opened at $13.81 on Thursday. The company has a fifty day moving average price of $14.25 and a 200-day moving average price of $14.85. The firm has a market capitalization of $2.43 billion, a P/E ratio of 6.11 and a beta of 0.50. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.48 and a quick ratio of 2.48. TEGNA Inc. has a one year low of $13.18 and a one year high of $17.37.

TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, February 29th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.04). TEGNA had a return on equity of 12.41% and a net margin of 16.38%. The company had revenue of $725.80 million during the quarter, compared to analysts’ expectations of $750.78 million. During the same quarter last year, the firm posted $0.98 earnings per share. The firm’s revenue was down 20.9% on a year-over-year basis. Equities research analysts expect that TEGNA Inc. will post 3.05 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 8th were given a $0.114 dividend. The ex-dividend date was Thursday, March 7th. This represents a $0.46 annualized dividend and a yield of 3.30%. TEGNA’s dividend payout ratio (DPR) is presently 19.91%.

Insider Buying and Selling

In related news, CEO David T. Lougee sold 43,750 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $14.70, for a total value of $643,125.00. Following the completion of the transaction, the chief executive officer now directly owns 725,651 shares in the company, valued at $10,667,069.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other TEGNA news, CEO David T. Lougee sold 150,000 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $15.21, for a total transaction of $2,281,500.00. Following the completion of the sale, the chief executive officer now directly owns 636,262 shares in the company, valued at $9,677,545.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David T. Lougee sold 43,750 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $14.70, for a total transaction of $643,125.00. Following the sale, the chief executive officer now owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The disclosure for this sale can be found here. 0.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of TEGNA from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Friday, March 1st. Wells Fargo & Company lowered their target price on shares of TEGNA from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, February 9th. Finally, Benchmark reduced their price target on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 1st.

TEGNA Profile

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.