On September 15, 2023, it was reported that the Ontario Teachers Pension Plan Board had increased its stake in TEGNA Inc. by 132.4% during the first quarter of the year. This boost in ownership came after the institutional investor acquired an additional 45,622 shares, bringing their total ownership to 80,092 shares. The total value of Ontario Teachers Pension Plan Board’s holdings in TEGNA amounted to $1,354,000 at the end of this reporting period.
TEGNA Inc., a publicly traded company listed on the New York Stock Exchange under the ticker symbol TGNA, recently released its quarterly earnings report on August 3rd. The company exceeded analysts’ expectations by reporting earnings per share (EPS) of $0.44 for the quarter compared to a consensus estimate of $0.42 EPS. This positive variance of $0.02 highlights TEGNA’s ability to outperform market predictions.
Additionally, TEGNA demonstrated a commendable return on equity (ROE) of 19.06%, indicating efficient use of shareholders’ investments to generate profits. The company also boasts a healthy net margin of 20.96%, implying strong profitability relative to its revenue.
Despite slightly lower revenues compared to estimates for this particular quarter ($732 million versus a consensus estimate of $733.39 million), TEGNA managed to maintain a relatively stable performance with only a marginal decrease in revenue from the previous year (-6.8% YoY). In the same period last year, TEGNA reported an EPS of $0.60, which signifies some decline in profitability over time.
Looking ahead, sell-side analysts are predicting that TEGNA Inc. will achieve an EPS of approximately 1.71 for the current fiscal year. These projections indicate confidence in the company’s ability to rebound and generate earnings over time.
In conclusion, Ontario Teachers Pension Plan Board’s significant increase in stake in TEGNA Inc. during the first quarter of this year suggests a positive outlook for the company. Furthermore, TEGNA’s ability to surpass earnings expectations and maintain a strong ROE and net margin indicates its potential for continued success in the future.
Updated on: 05/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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TEGNA Inc. Sees Increased Interest from Hedge Funds and Institutional Investors
September 15, 2023
TEGNA Inc. (NYSE: TGNA) has seen some recent activity from hedge funds and institutional investors. Water Island Capital LLC grew its position in the company by 9.1% in the first quarter, now owning 3,607,600 shares valued at $61,005,000. Toroso Investments LLC also increased its holdings in TEGNA by 186.0% during Q1, now holding 91,449 shares valued at $1,546,000.
Ameriprise Financial Inc. raised its stake in TEGNA by 10.7%, owning now 610,413 shares with a value of $10,325,000. JPMorgan Chase & Co. saw a significant increase of 62.0% in its holdings during Q1, acquiring an additional 573,807 shares bringing their total to 1,498,594 shares valued at $25,341,000.
Jane Street Group LLC also boosted its position in TEGNA by 45.1% during the first quarter and now owns 135,294 shares valued at $2,288,000. Overall, hedge funds and other institutional investors hold approximately 89.99% of the stock.
Some research analysts have commented on TGNA shares recently as well. Wells Fargo & Company raised their price target on TEGNA from $18.00 to $19.00 and gave it an “equal weight” rating in a research note on Friday, August 4th.
StockNews.com started coverage on TEGNA and assigned it a “hold” rating for the company.
In other news related to TEGNA Inc., COO Lynn B. Trelstad sold 30 ,000 shares of the firm’s stock on Wednesday August 30th at an average price of $16 .57 per share making it worth a total of $497,100.00. Trelstad’s current holding in the company amounts to 181,881 shares valued at $3,013,768.17.
According to a filing with the Securities & Exchange Commission, company insiders now own about 1.10% of the total shares outstanding.
On Friday September 15th, TEGNA Inc.’s stock opened at $16.28 on the New York Stock Exchange (NYSE). The stock also has a 50-day simple moving average of $16.48 and a 200 day simple moving average of $16.35. TEGNA’s one-year low is recorded at $14.91 while its one-year high stands at $22.29.
With a market capitalization of $3.28 billion and a price-to-earnings ratio of 5.43, TEGNA Inc.’s performance remains noteworthy in an ever-changing market environment characterized by economic uncertainties and growing competition.
The company maintains a beta value of 0.61 indicating that the stock is relatively less volatile when compared to the overall market performance.
Moreover, TEGNA Inc.’s debt-to-equity ratio currently sits at 1.06 which suggests that it carries an acceptable level of financial leverage for its operations.
Having a quick ratio and current ratio both at 3.44 indicates that the company has sufficient liquidity to meet its short-term obligations.
As we reflect on these recent developments surrounding TEGNA Inc., it becomes clear that the company continues to attract attention from various market players including institutional investors and research analysts alike.
Disclaimer: This article does not provide investment advice nor does it encourage readers to engage in trading activities without proper due diligence and consultation with a certified financial advisor or broker.