Bank of New York Mellon Corp Acquires 541,092 Shares of TEGNA Inc. (NYSE:TGNA)

Bank of New York Mellon Corp grew its holdings in TEGNA Inc. (NYSE:TGNA) by 12.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,925,971 shares of the company’s stock after acquiring an additional 541,092 shares during the period. Bank of New York Mellon Corp owned 2.27% of TEGNA worth $74,627,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Municipal Employees Retirement System of Michigan lifted its stake in shares of TEGNA by 1.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 39,900 shares of the company’s stock worth $604,000 after buying an additional 650 shares during the last quarter. Investors Research Corp lifted its stake in shares of TEGNA by 4.8% in the second quarter. Investors Research Corp now owns 17,475 shares of the company’s stock worth $265,000 after buying an additional 800 shares during the last quarter. Stone Ridge Asset Management LLC lifted its stake in shares of TEGNA by 2.9% in the second quarter. Stone Ridge Asset Management LLC now owns 42,246 shares of the company’s stock worth $640,000 after buying an additional 1,200 shares during the last quarter. Advisors Preferred LLC acquired a new stake in shares of TEGNA in the second quarter worth $25,000. Finally, Mason Street Advisors LLC lifted its stake in shares of TEGNA by 1.8% in the first quarter. Mason Street Advisors LLC now owns 114,757 shares of the company’s stock worth $1,618,000 after buying an additional 1,982 shares during the last quarter. 99.49% of the stock is owned by institutional investors.

A number of analysts have recently weighed in on the stock. ValuEngine cut shares of TEGNA from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Cannonball Research assumed coverage on shares of TEGNA in a research note on Wednesday, August 21st. They issued a “neutral” rating and a $17.00 price objective for the company. Stephens cut shares of TEGNA from an “overweight” rating to an “equal” rating and reduced their price objective for the stock from $19.00 to $17.00 in a research note on Tuesday, June 11th. Wolfe Research upgraded shares of TEGNA from a “market perform” rating to an “outperform” rating in a research note on Monday, August 19th. Finally, Barrington Research restated a “buy” rating and issued a $18.00 price objective on shares of TEGNA in a research note on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $17.14.

NYSE:TGNA opened at $16.13 on Thursday. The stock has a market cap of $3.47 billion, a P/E ratio of 8.81, a PEG ratio of 1.31 and a beta of 1.47. TEGNA Inc. has a one year low of $10.24 and a one year high of $16.58. The company has a fifty day moving average price of $14.78 and a 200 day moving average price of $15.02. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.94 and a quick ratio of 1.94.

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

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, September 5th. TEGNA’s payout ratio is currently 15.30%.

TEGNA Company 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.

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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