Bridgefront Capital LLC Makes New Investment in TEGNA Inc. (NYSE:TGNA)

Bridgefront Capital LLC purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,481 shares of the company's stock, valued at approximately $301,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in shares of TEGNA by 26.2% in the 3rd 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 period. GAMMA Investing LLC lifted its holdings in TEGNA by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company's stock worth $37,000 after buying an additional 757 shares in the last quarter. Sound Income Strategies LLC acquired a new position in TEGNA during the 4th quarter worth $57,000. Linden Thomas Advisory Services LLC lifted its holdings in TEGNA by 16.2% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 63,641 shares of the company's stock worth $1,164,000 after buying an additional 8,855 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in TEGNA by 13.6% during the 4th quarter. Blue Trust Inc. now owns 25,155 shares of the company's stock worth $460,000 after buying an additional 3,014 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors.

TEGNA Trading Up 1.0%

Shares of TGNA stock traded up $0.17 during trading hours on Monday, reaching $17.26. The company had a trading volume of 565,675 shares, compared to its average volume of 1,980,066. The company has a 50 day moving average of $17.05 and a 200 day moving average of $17.73. 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 firm has a market cap of $2.77 billion, a price-to-earnings ratio of 6.10 and a beta of 0.31. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.03. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business had revenue of $680.05 million during the quarter, compared to analysts' expectations of $677.24 million. During the same quarter in the prior year, the company earned $0.45 EPS. The firm's quarterly revenue was down 4.8% on a year-over-year basis. On average, equities research analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current year.

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. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date was Friday, March 7th. TEGNA's dividend payout ratio is currently 14.12%.

Analysts Set New Price Targets

Several research firms have issued reports on TGNA. StockNews.com downgraded TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Benchmark reduced their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company reduced their price objective on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Guggenheim cut their price target on TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

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.