Fuller & Thaler Asset Management Inc. Reduces Position in TEGNA Inc. $TGNA

Key Points

• Fuller & Thaler Asset Management Inc. reduced its stake in TEGNA Inc. by 0.9%, selling 21,347 shares, and now owns about 2.44 million shares worth $44.5 million.
• Analysts have mixed views on TEGNA, with Wells Fargo issuing an "overweight" rating with a target price revised to $22.00, while JPMorgan lowered their target to $18.00, marking shifts in investor sentiment.
• TEGNA's recent earnings report showed EPS of $0.44, surpassing estimates, but revenue decreased by 5% year-over-year, indicating potential challenges ahead for the company.

Fuller & Thaler Asset Management Inc. lessened its position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 0.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,443,197 shares of the company's stock after selling 21,347 shares during the quarter. Fuller & Thaler Asset Management Inc. owned about 1.52% of TEGNA worth $44,515,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. LSV Asset Management grew its stake in TEGNA by 0.4% during the 1st quarter. LSV Asset Management now owns 7,828,750 shares of the company's stock worth $142,640,000 after buying an additional 32,121 shares during the last quarter. Northern Trust Corp grew its stake in TEGNA by 8.3% during the 4th quarter. Northern Trust Corp now owns 2,865,335 shares of the company's stock worth $52,407,000 after buying an additional 219,706 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of TEGNA by 7.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,233,329 shares of the company's stock valued at $22,558,000 after purchasing an additional 85,113 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of TEGNA by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 934,711 shares of the company's stock valued at $17,030,000 after purchasing an additional 23,094 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of TEGNA by 1.1% in the 1st quarter. Victory Capital Management Inc. now owns 918,416 shares of the company's stock valued at $16,734,000 after purchasing an additional 10,249 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company's stock.

Analyst Ratings Changes

TGNA has been the topic of several analyst reports. Wells Fargo & Company reiterated an "overweight" rating and issued a $22.00 target price (up from $21.00) on shares of TEGNA in a research note on Sunday, August 10th. JPMorgan Chase & Co. lowered their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Benchmark lowered their target price on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Guggenheim lowered their target price on TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $20.25.

TEGNA Stock Down 1.8%

TGNA opened at $20.15 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. The business has a 50 day simple moving average of $17.19 and a 200-day simple moving average of $17.21. The stock has a market capitalization of $3.24 billion, a P/E ratio of 7.25 and a beta of 0.28. TEGNA Inc. has a 12 month low of $13.44 and a 12 month high of $21.06.

TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. The firm had revenue of $675.05 million during the quarter, compared to analysts' expectations of $673.92 million. TEGNA had a return on equity of 16.20% and a net margin of 14.99%. TEGNA's revenue was down 5.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 earnings per share. On average, equities analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.