TEGNA Inc. (NYSE:TGNA) Position Lowered by Denali Advisors LLC

Denali Advisors LLC trimmed its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 7.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 380,710 shares of the company's stock after selling 29,462 shares during the period. TEGNA accounts for approximately 0.8% of Denali Advisors LLC's holdings, making the stock its 23rd largest holding. Denali Advisors LLC owned approximately 0.24% of TEGNA worth $6,937,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Neo Ivy Capital Management bought a new stake in TEGNA during the fourth quarter worth about $28,000. Tower Research Capital LLC TRC boosted its holdings in shares of TEGNA by 80.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock valued at $31,000 after acquiring an additional 749 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in TEGNA during the 4th quarter worth $32,000. GAMMA Investing LLC raised its position in shares of TEGNA by 53.3% in the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $57,000 after acquiring an additional 1,088 shares in the last quarter. Finally, Blue Trust Inc. increased its position in TEGNA by 26.0% in the 1st quarter. Blue Trust Inc. now owns 4,227 shares of the company's stock valued at $77,000 after buying an additional 873 shares in the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lowered their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. decreased their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Benchmark cut their price target on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Guggenheim decreased their price target on TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, July 2nd. Two equities research 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, the stock has an average rating of "Moderate Buy" and an average target price of $20.00.

TEGNA Stock Performance

Shares of NYSE:TGNA traded down $0.31 on Friday, reaching $16.71. The company's stock had a trading volume of 1,186,800 shares, compared to its average volume of 1,818,870. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.40 and a quick ratio of 1.40. TEGNA Inc. has a 52-week low of $13.37 and a 52-week high of $19.62. The stock's 50-day moving average is $16.87 and its two-hundred day moving average is $17.30. The stock has a market capitalization of $2.69 billion, a P/E ratio of 5.88 and a beta of 0.30.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.03. The company had revenue of $680.05 million for the quarter, compared to analysts' expectations of $677.24 million. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. TEGNA's revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. As a group, sell-side analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 6th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.99%. The ex-dividend date was Friday, June 6th. TEGNA's payout ratio is currently 17.61%.

TEGNA 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.