Denali Advisors LLC Cuts Position in TEGNA Inc. (NYSE:TGNA)

Denali Advisors LLC decreased its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 7.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 380,710 shares of the company's stock after selling 29,462 shares during the quarter. TEGNA accounts for about 0.8% of Denali Advisors LLC's investment portfolio, making the stock its 23rd biggest position. Denali Advisors LLC owned 0.24% of TEGNA worth $6,937,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital Management Corp VA grew its stake in TEGNA by 1.1% in the first quarter. Capital Management Corp VA now owns 769,175 shares of the company's stock worth $14,014,000 after purchasing an additional 8,585 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in TEGNA in the first quarter worth approximately $1,530,000. Jennison Associates LLC grew its stake in TEGNA by 152.5% in the first quarter. Jennison Associates LLC now owns 75,976 shares of the company's stock worth $1,384,000 after purchasing an additional 45,892 shares in the last quarter. Victory Capital Management Inc. boosted its position in TEGNA by 1.1% during the 1st quarter. Victory Capital Management Inc. now owns 918,416 shares of the company's stock valued at $16,734,000 after acquiring an additional 10,249 shares in the last quarter. Finally, Alps Advisors Inc. boosted its position in TEGNA by 11.4% during the 1st quarter. Alps Advisors Inc. now owns 522,568 shares of the company's stock valued at $9,521,000 after acquiring an additional 53,273 shares in the last quarter. Institutional investors own 92.19% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on TGNA. JPMorgan Chase & Co. dropped their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 21st. Benchmark decreased their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Guggenheim decreased their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company decreased their price objective on TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

TEGNA Price Performance

Shares of NYSE:TGNA traded up $0.12 during trading on Tuesday, reaching $16.69. 1,223,165 shares of the company's stock traded hands, compared to its average volume of 1,813,220. TEGNA Inc. has a fifty-two week low of $13.37 and a fifty-two week high of $19.62. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.83. The firm has a market cap of $2.68 billion, a PE ratio of 5.88 and a beta of 0.30. The company has a 50-day simple moving average of $16.84 and a 200-day simple moving average of $17.27.

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

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Friday, June 6th. TEGNA's dividend payout ratio is currently 17.61%.

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.