New South Capital Management Inc buys $154.1 Million stake in Tegna Inc (TGNA)

Tegna Inc (TGNA) : New South Capital Management Inc scooped up 93,967 additional shares in Tegna Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 6,757,479 shares of Tegna Inc which is valued at $154.1 Million.Tegna Inc makes up approximately 3.74% of New South Capital Management Inc’s portfolio.

Other Hedge Funds, Including , Systematic Financial Management Lp reduced its stake in TGNA by selling 257,960 shares or 7.11% in the most recent quarter. The Hedge Fund company now holds 3,370,255 shares of TGNA which is valued at $76.8 Million. Tegna Inc makes up approx 0.98% of Systematic Financial Management Lp’s portfolio.Andra Ap-fonden boosted its stake in TGNA in the latest quarter, The investment management firm added 76,300 additional shares and now holds a total of 104,500 shares of Tegna Inc which is valued at $2.4 Million. Tegna Inc makes up approx 0.06% of Andra Ap-fonden’s portfolio.Capital Fund Management S.a. boosted its stake in TGNA in the latest quarter, The investment management firm added 41,935 additional shares and now holds a total of 50,335 shares of Tegna Inc which is valued at $1.2 Million. Tegna Inc makes up approx 0.02% of Capital Fund Management S.a.’s portfolio.Cubic Asset Management boosted its stake in TGNA in the latest quarter, The investment management firm added 150 additional shares and now holds a total of 111,805 shares of Tegna Inc which is valued at $2.6 Million. Tegna Inc makes up approx 0.86% of Cubic Asset Management’s portfolio.

Tegna Inc closed down -0.2 points or -0.88% at $22.6 with 16,25,624 shares getting traded on Monday. Post opening the session at $22.84, the shares hit an intraday low of $22.38 and an intraday high of $22.845 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Tegna Inc reported $0.45 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.41. The company had revenue of $781.73 million for the quarter, compared to analysts expectations of $782.38 million. The company’s revenue was up 6.9% compared to the same quarter last year.

Investors should note that on May 5, 2016, Tegna Inc announced a cash dividend of $0.1400. The company’s management has announced Jun 1, 2016 as the ex-dividend date and fixed the record date on Jun 3, 2016. The payable date has been fixed on Jul 1, 2016.

Many Wall Street Analysts have commented on Tegna Inc. Shares were Downgraded by Barclays on Apr 1, 2016 to ” Underweight” and Lowered the Price Target to $ 21 from a previous price target of $27 .

TEGNA Inc. formerly Gannett Co. Inc. is a media and marketing solutions company. The Company is engaged in providing local content on a range of platforms in the United States. The Company operates through Broadcasting and Digital segments. It also provides digital marketing services and Internet-based human resource solutions. Its digital media products and services include search social media and Website development among others. The Company offers its services in a range of geographies demographics and content areas. The Company provides consumers with the information and entertainment and connects consumers to their communities through various platforms such as television stations desktop smartphone and tablet products. Its Broadcasting segment includes an independent station group of network affiliates. The Company’s Digital business segment includes Cars.com CareerBuilder and Shoplocal.

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