Gabelli Funds LLC Acquires 65,292 Shares of TEGNA Inc. $TGNA

Key Points

• Gabelli Funds LLC raised its stake in TEGNA by 6.2% in Q3, purchasing 65,292 shares to hold 1,117,817 shares total (about 0.69% of the company) valued at roughly $22.7 million.
• TEGNA reported quarterly EPS of $0.50, beating estimates despite revenue falling 18.9% year-over-year, and announced a quarterly dividend of $0.125 per share (annualized $0.50, ~2.4% yield); the stock carries a consensus "Hold" rating with a $19.75 price target.

Gabelli Funds LLC lifted its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 6.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,117,817 shares of the company's stock after purchasing an additional 65,292 shares during the quarter. Gabelli Funds LLC owned 0.69% of TEGNA worth $22,725,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of TGNA. GABELLI & Co INVESTMENT ADVISERS INC. raised its stake in TEGNA by 15.3% in the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 311,021 shares of the company's stock valued at $6,323,000 after purchasing an additional 41,310 shares in the last quarter. Picton Mahoney Asset Management bought a new position in shares of TEGNA in the 3rd quarter worth $14,231,000. Choreo LLC purchased a new stake in shares of TEGNA during the 3rd quarter valued at $202,000. US Bancorp DE lifted its holdings in shares of TEGNA by 16.8% during the 3rd quarter. US Bancorp DE now owns 8,622 shares of the company's stock worth $175,000 after acquiring an additional 1,242 shares during the last quarter. Finally, Greenland Capital Management LP bought a new stake in shares of TEGNA during the 3rd quarter worth $829,000. 92.19% of the stock is currently owned by institutional investors.

TEGNA Trading Down 1.5%

TGNA opened at $20.66 on Friday. TEGNA Inc. has a one year low of $14.87 and a one year high of $21.35. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.28 and a quick ratio of 2.22. The business has a 50 day simple moving average of $19.79 and a two-hundred day simple moving average of $20.03. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 15.30 and a beta of 0.12.

TEGNA (NYSE:TGNA - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.05. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The company had revenue of $706.11 million during the quarter, compared to the consensus estimate of $701.29 million. During the same quarter in the prior year, the company earned $1.21 earnings per share. The firm's revenue for the quarter was down 18.9% on a year-over-year basis. Analysts predict that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 10th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.4%. TEGNA's payout ratio is presently 37.04%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of TEGNA in a research note on Monday, December 29th. Zacks Research raised TEGNA from a "strong sell" rating to a "hold" rating in a research note on Monday, January 12th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $19.75.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company's primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.