GABELLI & Co INVESTMENT ADVISERS INC. Sells 134,756 Shares of TEGNA Inc. (NYSE:TGNA)

GABELLI & Co INVESTMENT ADVISERS INC. lessened its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 26.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 370,836 shares of the company's stock after selling 134,756 shares during the period. TEGNA comprises 1.2% of GABELLI & Co INVESTMENT ADVISERS INC.'s investment portfolio, making the stock its 24th biggest holding. GABELLI & Co INVESTMENT ADVISERS INC. owned 0.23% of TEGNA worth $6,783,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TGNA. Principal Financial Group Inc. increased its position in shares of TEGNA by 26.2% during the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company's stock valued at $14,068,000 after acquiring an additional 184,845 shares during the last quarter. EMC Capital Management grew its position in TEGNA by 648.8% in the fourth quarter. EMC Capital Management now owns 20,346 shares of the company's stock worth $372,000 after acquiring an additional 17,629 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in TEGNA by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company's stock worth $34,260,000 after buying an additional 93,894 shares during the last quarter. Guidance Capital Inc. purchased a new stake in TEGNA during the fourth quarter valued at about $476,000. Finally, World Investment Advisors LLC purchased a new stake in shares of TEGNA during the third quarter valued at approximately $528,000. Institutional investors own 92.19% of the company's stock.

TEGNA Stock Performance

TEGNA stock traded up $0.32 during mid-day trading on Friday, reaching $16.08. 1,765,289 shares of the stock traded hands, compared to its average volume of 2,021,658. The business's 50-day moving average is $17.48 and its 200-day moving average is $17.67. The stock has a market capitalization of $2.58 billion, a PE ratio of 5.68 and a beta of 0.25. TEGNA Inc. has a 12-month low of $12.35 and a 12-month 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.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.50 annualized dividend and a yield of 3.11%. TEGNA's dividend payout ratio (DPR) is presently 14.12%.

Analyst Upgrades and Downgrades

TGNA has been the topic of a number of research analyst reports. Guggenheim reduced their price target on TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, April 11th. StockNews.com downgraded TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, TEGNA has a consensus rating of "Moderate Buy" and a consensus target price of $21.25.

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.