TEGNA (NYSE:TGNA) Cut to "Hold" at StockNews.com

StockNews.com downgraded shares of TEGNA (NYSE:TGNA - Free Report) from a buy rating to a hold rating in a report published on Friday.

Other research analysts have also issued reports about the company. Guggenheim reissued a "buy" rating and set a $22.00 price target on shares of TEGNA in a report on Friday, January 24th. 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. Benchmark upped their price target 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. Finally, Wells Fargo & Company upgraded shares of TEGNA from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, TEGNA currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.75.

TEGNA Stock Performance

TGNA stock traded down $0.46 on Friday, reaching $17.31. The company's stock had a trading volume of 2,292,756 shares, compared to its average volume of 1,302,423. TEGNA 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 company has a market capitalization of $2.79 billion, a P/E ratio of 6.11 and a beta of 0.52. The firm has a fifty day moving average of $18.14 and a two-hundred day moving average of $16.99.

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TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.89%. The ex-dividend date is Friday, March 7th. TEGNA's dividend payout ratio (DPR) is presently 14.12%.

Hedge Funds Weigh In On TEGNA

Several large investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in 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 purchasing an additional 184,845 shares during the last quarter. Capital Management Corp VA increased its holdings in shares of TEGNA by 30.3% in the third quarter. Capital Management Corp VA now owns 725,805 shares of the company's stock valued at $11,453,000 after buying an additional 168,667 shares in the last quarter. EMC Capital Management lifted its position in shares of TEGNA by 648.8% during the 4th quarter. EMC Capital Management now owns 20,346 shares of the company's stock valued at $372,000 after acquiring an additional 17,629 shares during the last quarter. Guidance Capital Inc. bought a new stake in shares of TEGNA during the 4th quarter worth $476,000. Finally, World Investment Advisors LLC acquired a new position in shares of TEGNA in the 3rd quarter worth $528,000. Institutional investors own 92.19% of the company's stock.

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.