State of New Jersey Common Pension Fund D Has $2.50 Million Stake in TEGNA Inc. (NYSE:TGNA)

State of New Jersey Common Pension Fund D lifted its stake in shares of TEGNA Inc. (NYSE:TGNA) by 5.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 163,563 shares of the company’s stock after acquiring an additional 8,894 shares during the period. State of New Jersey Common Pension Fund D’s holdings in TEGNA were worth $2,503,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Asset Management One Co. Ltd. bought a new position in TEGNA in the third quarter worth approximately $224,000. Robeco Institutional Asset Management B.V. acquired a new stake in TEGNA in the 3rd quarter valued at $1,282,000. Stratos Wealth Advisors LLC increased its stake in TEGNA by 19.5% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 76,294 shares of the company’s stock valued at $1,112,000 after purchasing an additional 12,466 shares in the last quarter. Mackenzie Financial Corp raised its holdings in TEGNA by 94.7% during the third quarter. Mackenzie Financial Corp now owns 87,948 shares of the company’s stock worth $1,244,000 after buying an additional 42,777 shares during the last quarter. Finally, Freedom Day Solutions LLC bought a new position in shares of TEGNA in the third quarter valued at $789,000. 92.19% of the stock is owned by institutional investors.

Insider Transactions at TEGNA

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

Wall Street Analyst Weigh In

Several research firms have recently commented on TGNA. JPMorgan Chase & Co. decreased their target price on shares of TEGNA from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, March 1st. Wells Fargo & Company lowered their price objective on TEGNA from $17.00 to $15.00 and set an “equal weight” rating for the company in a research note on Friday, February 9th. Finally, Benchmark cut their target price on TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 1st.

TEGNA Stock Up 1.8 %

TGNA opened at $13.89 on Thursday. TEGNA Inc. has a fifty-two week low of $13.18 and a fifty-two week high of $17.37. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.48 and a quick ratio of 2.48. The company’s 50-day moving average is $14.14 and its 200 day moving average is $14.82. The firm has a market capitalization of $2.45 billion, a P/E ratio of 6.15 and a beta of 0.50.

TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, February 29th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). The business had revenue of $725.80 million during the quarter, compared to analysts’ expectations of $750.78 million. TEGNA had a return on equity of 12.41% and a net margin of 16.38%. TEGNA’s quarterly revenue was down 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 EPS. Research analysts expect that TEGNA Inc. will post 3 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were given a dividend of $0.114 per share. This represents a $0.46 annualized dividend and a dividend yield of 3.28%. The ex-dividend date was Thursday, March 7th. TEGNA’s dividend payout ratio is presently 20.35%.

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.