Bayesian Capital Management LP Purchases Shares of 23,200 TEGNA Inc. (NYSE:TGNA)

Bayesian Capital Management LP acquired a new stake in TEGNA Inc. (NYSE:TGNA - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 23,200 shares of the company's stock, valued at approximately $424,000.

Several other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in TEGNA by 26.2% during the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company's stock worth $14,068,000 after acquiring an additional 184,845 shares during the period. EMC Capital Management raised its position in shares of TEGNA by 648.8% in the fourth quarter. EMC Capital Management now owns 20,346 shares of the company's stock valued at $372,000 after buying an additional 17,629 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of TEGNA by 5.3% in the fourth 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 during the period. Guidance Capital Inc. acquired a new stake in TEGNA during the fourth quarter worth approximately $476,000. Finally, World Investment Advisors LLC bought a new position in TEGNA during the 3rd quarter worth $528,000. Institutional investors own 92.19% of the company's stock.

TEGNA Price Performance

NYSE:TGNA traded down $0.07 on Friday, hitting $17.06. The company had a trading volume of 1,228,613 shares, compared to its average volume of 1,988,806. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 6.03 and a beta of 0.31. The firm has a 50 day moving average of $17.05 and a two-hundred day moving average of $17.71.

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

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were issued a $0.125 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 2.93%. TEGNA's dividend payout ratio (DPR) is presently 14.12%.

Analyst Ratings Changes

A number of research firms have recently weighed in on TGNA. Wells Fargo & Company cut their target price on TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Guggenheim reduced their price objective on shares of TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Benchmark dropped their target price on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, StockNews.com lowered shares of TEGNA from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. 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 a consensus rating of "Moderate Buy" and an average price target of $20.00.

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.