State of New Jersey Common Pension Fund D Grows Holdings in TEGNA Inc. (NYSE:TGNA)

State of New Jersey Common Pension Fund D boosted its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 5.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 137,653 shares of the company’s stock after purchasing an additional 7,137 shares during the period. State of New Jersey Common Pension Fund D’s holdings in TEGNA were worth $2,172,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Seven Eight Capital LP purchased a new position in shares of TEGNA during the first quarter worth about $2,526,000. Dimensional Fund Advisors LP increased its holdings in shares of TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after purchasing an additional 141,638 shares during the period. Capital Management Corp VA raised its stake in shares of TEGNA by 30.3% during the third quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after purchasing an additional 168,667 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of TEGNA by 9,100.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock worth $2,749,000 after purchasing an additional 182,000 shares during the period. Finally, SG Americas Securities LLC purchased a new position in TEGNA in the 3rd quarter valued at $626,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on TGNA shares. JPMorgan Chase & Co. raised their target price on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday. Benchmark lifted their price objective on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th.

Insider Activity at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the sale, the chief operating officer now directly owns 154,617 shares of the company’s stock, valued at approximately $2,535,718.80. This represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by company insiders.

TEGNA Price Performance

Shares of NYSE TGNA opened at $18.11 on Friday. The company’s fifty day moving average is $15.97 and its two-hundred day moving average is $14.92. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The firm has a market capitalization of $2.92 billion, a P/E ratio of 6.40 and a beta of 0.49. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The company had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same period in the prior year, the business posted $0.39 earnings per share. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts forecast that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

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.