Gabelli Funds LLC Reduces Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Gabelli Funds LLC lessened its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 11.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,096,075 shares of the company's stock after selling 144,050 shares during the quarter. Gabelli Funds LLC owned approximately 0.68% of TEGNA worth $20,047,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TGNA. Geode Capital Management LLC raised its position in shares of TEGNA by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company's stock worth $77,422,000 after acquiring an additional 238,696 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of TEGNA by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company's stock valued at $34,260,000 after buying an additional 93,894 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of TEGNA by 2.3% in the 4th quarter. Principal Financial Group Inc. now owns 911,617 shares of the company's stock valued at $16,673,000 after buying an additional 20,129 shares during the last quarter. Invesco Ltd. raised its stake in TEGNA by 14.6% during the 4th quarter. Invesco Ltd. now owns 866,076 shares of the company's stock worth $15,841,000 after acquiring an additional 110,646 shares in the last quarter. Finally, Capital Management Corp VA lifted its position in TEGNA by 4.8% in the fourth quarter. Capital Management Corp VA now owns 760,590 shares of the company's stock valued at $13,911,000 after acquiring an additional 34,785 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on TGNA shares. StockNews.com cut TEGNA from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Guggenheim lowered their target price on shares of TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $21.25.

TEGNA Stock Performance

TGNA traded down $0.44 on Monday, hitting $15.65. 252,286 shares of the company traded hands, compared to its average volume of 2,015,811. The company has a 50 day moving average of $17.48 and a 200-day moving average of $17.71. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The stock has a market capitalization of $2.52 billion, a PE ratio of 5.53 and a beta of 0.25. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were given a $0.125 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 3.19%. TEGNA's dividend payout ratio (DPR) is 14.12%.

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.