Denali Advisors LLC lowered its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 20.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 410,172 shares of the company's stock after selling 108,402 shares during the quarter. TEGNA makes up approximately 0.8% of Denali Advisors LLC's holdings, making the stock its 22nd largest position. Denali Advisors LLC owned approximately 0.25% of TEGNA worth $7,502,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in TEGNA by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company's stock valued at $37,000 after purchasing an additional 757 shares during the period. US Bancorp DE boosted its position in TEGNA by 20.4% during the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company's stock valued at $71,000 after purchasing an additional 764 shares during the period. Sanctuary Advisors LLC boosted its position in TEGNA by 7.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company's stock valued at $284,000 after purchasing an additional 1,239 shares during the period. Covestor Ltd boosted its position in TEGNA by 20.8% during the 3rd quarter. Covestor Ltd now owns 8,852 shares of the company's stock valued at $140,000 after purchasing an additional 1,525 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new position in TEGNA during the 3rd quarter valued at approximately $28,000. Institutional investors and hedge funds own 92.19% of the company's stock.
TEGNA Price Performance
Shares of TGNA traded up $0.23 during midday trading on Friday, reaching $18.17. The stock had a trading volume of 2,310,366 shares, compared to its average volume of 1,255,930. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The firm's 50 day moving average price is $18.16 and its 200-day moving average price is $16.88. The company has a market capitalization of $2.93 billion, a P/E ratio of 6.42 and a beta of 0.52.
TEGNA Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Friday, March 7th. TEGNA's dividend payout ratio is presently 17.67%.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on TEGNA from $16.00 to $19.00 and gave the company a "neutral" rating in a research report on Tuesday, November 12th. Wells Fargo & Company raised TEGNA from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Guggenheim reaffirmed a "buy" rating and set a $22.00 target price on shares of TEGNA in a research note on Friday, January 24th. Benchmark lifted their target price on TEGNA from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, StockNews.com downgraded TEGNA from a "buy" rating to a "hold" rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $21.75.
Read Our Latest Research Report on TGNA
TEGNA Company Profile
(
Free Report)
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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