Dimensional Fund Advisors LP Sells 60,879 Shares of TEGNA Inc. $TGNA

Key Points

• Dimensional Fund Advisors LP reduced its stake in TEGNA Inc. (NYSE:TGNA) by 0.6%, selling 60,879 shares, and now owns approximately 6.39% of the company worth $187 million.
• TEGNA's latest quarterly earnings revealed earnings per share of $0.44, exceeding expectations, despite a 5% decline in revenue year-over-year.
• Investment analysts have mixed ratings on TEGNA, with price targets ranging between $18.00 and $22.00, resulting in an overall rating of "Moderate Buy."

Dimensional Fund Advisors LP lessened its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 0.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,268,033 shares of the company's stock after selling 60,879 shares during the quarter. Dimensional Fund Advisors LP owned approximately 6.39% of TEGNA worth $187,080,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Neo Ivy Capital Management acquired a new position in shares of TEGNA during the fourth quarter valued at about $28,000. Tower Research Capital LLC TRC boosted its stake in TEGNA by 80.2% in the fourth 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 during the last quarter. GAMMA Investing LLC boosted its stake in TEGNA by 53.3% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $57,000 after acquiring an additional 1,088 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of TEGNA by 26.0% during 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. Finally, PNC Financial Services Group Inc. lifted its stake in TEGNA by 15.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,058 shares of the company's stock worth $92,000 after purchasing an additional 694 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

TEGNA Stock Down 1.8%

NYSE:TGNA opened at $20.15 on Tuesday. The firm has a market cap of $3.24 billion, a PE ratio of 7.25 and a beta of 0.28. The company has a 50-day moving average of $17.19 and a 200 day moving average of $17.21. TEGNA Inc. has a 1-year low of $13.44 and a 1-year high of $21.06. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47.

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

Wall Street Analysts Forecast Growth

TGNA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Guggenheim lowered their price target on shares of TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, July 2nd. Wells Fargo & Company restated an "overweight" rating and set a $22.00 price objective (up from $21.00) on shares of TEGNA in a research note on Sunday, August 10th. Finally, Benchmark cut 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, May 6th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $20.25.

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.

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