State of New Jersey Common Pension Fund D Has $2.15 Million Stake in TEGNA Inc. (NYSE:TGNA)

State of New Jersey Common Pension Fund D decreased its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 14.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 117,403 shares of the company's stock after selling 20,250 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.07% of TEGNA worth $2,147,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Harbor Capital Advisors Inc. acquired a new position in shares of TEGNA during the 3rd quarter worth about $28,000. GAMMA Investing LLC raised its holdings in TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company's stock worth $37,000 after acquiring an additional 757 shares in the last quarter. Sound Income Strategies LLC acquired a new position in TEGNA during the fourth quarter valued at approximately $57,000. Quarry LP boosted its position in TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company's stock valued at $64,000 after purchasing an additional 3,300 shares during the last quarter. Finally, US Bancorp DE grew its stake in TEGNA by 20.4% in the third quarter. US Bancorp DE now owns 4,503 shares of the company's stock valued at $71,000 after purchasing an additional 764 shares in the last quarter. Institutional investors own 92.19% of the company's stock.

TEGNA Stock Performance

TGNA stock traded down $0.54 during midday trading on Tuesday, reaching $16.92. 2,822,227 shares of the company were exchanged, compared to its average volume of 1,150,254. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 5.98 and a beta of 0.52. The business has a 50-day moving average price of $18.18 and a two-hundred day moving average price of $16.88. TEGNA Inc. has a one year low of $12.35 and a one year 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.

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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 issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Friday, March 7th. TEGNA's dividend payout ratio is presently 17.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TGNA shares. StockNews.com upgraded TEGNA from a "hold" rating to a "buy" rating in a research note on Friday, December 13th. Guggenheim reiterated a "buy" rating and issued a $22.00 price target on shares of TEGNA in a research note on Friday, January 24th. Benchmark boosted their price objective on shares of TEGNA from $21.00 to $23.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. JPMorgan Chase & Co. raised their target price on shares of TEGNA from $16.00 to $19.00 and gave the company a "neutral" rating in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company upgraded TEGNA from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $21.75.

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.