Aristides Capital LLC Makes New Investment in TEGNA Inc. $TGNA

Key Points

• Aristides Capital LLC has acquired a new stake in TEGNA Inc., purchasing 16,630 shares valued at approximately $303,000 in Q1 2023.
• Several institutional investors increased their positions in TEGNA, with Public Sector Pension Investment Board boosting its holdings by 48.7% during the same quarter.
• Wall Street analysts have various ratings for TEGNA, with Guggenheim giving a "neutral" rating and Wells Fargo an "overweight" rating, raising their price target from $21 to $22.00.

Aristides Capital LLC acquired a new position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,630 shares of the company's stock, valued at approximately $303,000.

A number of other large investors also recently modified their holdings of TGNA. FORA Capital LLC bought a new position in shares of TEGNA in the 1st quarter worth $228,000. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of TEGNA during the first quarter worth $1,057,000. Jane Street Group LLC boosted its position in shares of TEGNA by 193.0% during the first quarter. Jane Street Group LLC now owns 573,255 shares of the company's stock worth $10,445,000 after purchasing an additional 377,578 shares in the last quarter. AlphaQuest LLC bought a new position in shares of TEGNA during the first quarter worth $383,000. Finally, Algert Global LLC increased its position in shares of TEGNA by 26.4% during the first quarter. Algert Global LLC now owns 106,830 shares of the company's stock worth $1,946,000 after acquiring an additional 22,310 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on TGNA shares. Guggenheim reissued a "neutral" rating and issued a $19.00 price objective on shares of TEGNA in a research report on Friday, August 22nd. Wells Fargo & Company reiterated an "overweight" rating and issued a $22.00 price target (up previously from $21.00) on shares of TEGNA in a research note on Sunday, August 10th. JPMorgan Chase & Co. cut their price target on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Wednesday, May 21st. Finally, Benchmark cut their price objective on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $19.75.

TEGNA Stock Performance

NYSE TGNA traded up $0.03 during trading on Friday, reaching $21.19. The company's stock had a trading volume of 1,909,739 shares, compared to its average volume of 2,001,497. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.82. TEGNA Inc. has a 12 month low of $13.44 and a 12 month high of $21.35. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 7.62 and a beta of 0.28. The firm has a 50 day moving average price of $17.91 and a 200 day moving average price of $17.38.

TEGNA (NYSE:TGNA - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.38 by $0.06. TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The firm had revenue of $675.05 million for the quarter, compared to analyst estimates of $673.92 million. During the same period last year, the firm earned $0.50 EPS. The business's quarterly revenue was down 5.0% compared to the same quarter last year. TEGNA has set its Q3 2025 guidance at EPS. As a group, equities analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, September 5th. TEGNA's dividend payout ratio (DPR) is presently 17.99%.

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.