Harvest Fund Management Co. Ltd Makes New Investment in TEGNA Inc. (NYSE:TGNA)

Harvest Fund Management Co. Ltd bought a new position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 24,331 shares of the company's stock, valued at approximately $445,000.

Other hedge funds have also added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new position in shares of TEGNA during the 4th quarter worth about $27,000. Smartleaf Asset Management LLC boosted its position in TEGNA by 95.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock valued at $31,000 after purchasing an additional 832 shares during the last quarter. GAMMA Investing LLC grew its stake in TEGNA by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company's stock valued at $37,000 after purchasing an additional 757 shares in the last quarter. Sound Income Strategies LLC acquired a new position in shares of TEGNA during the 4th quarter worth approximately $57,000. Finally, Quarry LP raised its stake in shares of TEGNA by 455.2% during the 3rd quarter. Quarry LP now owns 4,025 shares of the company's stock worth $64,000 after purchasing an additional 3,300 shares in the last quarter. Institutional investors own 92.19% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Guggenheim restated a "buy" rating and set a $22.00 price objective on shares of TEGNA in a research note on Friday, January 24th. Finally, Wells Fargo & Company upgraded shares of TEGNA from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $21.75.

Remove Ads

TEGNA Stock Performance

Shares of NYSE TGNA traded down $0.23 during mid-day trading on Wednesday, reaching $18.73. 1,347,802 shares of the company were exchanged, compared to its average volume of 1,556,753. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The stock has a market capitalization of $2.99 billion, a P/E ratio of 6.62 and a beta of 0.45. The company's 50-day simple moving average is $18.02 and its 200-day simple moving average is $17.45. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA's payout ratio is 14.12%.

About TEGNA

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.