Harvest Fund Management Co. Ltd grew its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 113.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,038 shares of the company's stock after acquiring an additional 27,707 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in TEGNA were worth $949,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TGNA. Principal Financial Group Inc. raised its position in TEGNA by 2.5% during the first quarter. Principal Financial Group Inc. now owns 934,711 shares of the company's stock valued at $17,030,000 after acquiring an additional 23,094 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of TEGNA by 53.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,376 shares of the company's stock valued at $341,000 after purchasing an additional 6,433 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in TEGNA by 7.8% during the first quarter. Crossmark Global Holdings Inc. now owns 563,207 shares of the company's stock worth $10,262,000 after buying an additional 40,987 shares in the last quarter. Whitebox Advisors LLC grew its position in TEGNA by 459.6% during the fourth quarter. Whitebox Advisors LLC now owns 142,703 shares of the company's stock valued at $2,610,000 after buying an additional 117,203 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in TEGNA by 1,454.5% in the first quarter. Janney Montgomery Scott LLC now owns 179,765 shares of the company's stock valued at $3,275,000 after buying an additional 168,201 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on TGNA shares. Wells Fargo & Company dropped their target price on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Benchmark cut their price target on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. JPMorgan Chase & Co. decreased their price objective 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. Finally, Guggenheim reduced 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. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, TEGNA has a consensus rating of "Moderate Buy" and an average target price of $20.00.
Check Out Our Latest Report on TEGNA
TEGNA Price Performance
TGNA traded down $0.14 on Wednesday, reaching $16.73. 1,722,038 shares of the company's stock were exchanged, compared to its average volume of 1,191,109. The stock has a market cap of $2.69 billion, a PE ratio of 5.89 and a beta of 0.30. 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 twelve month low of $13.37 and a twelve month high of $19.62. The stock's fifty day moving average price is $16.81 and its 200-day moving average price is $17.23.
TEGNA (NYSE:TGNA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.03. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. The business had revenue of $680.05 million during the quarter, compared to analyst estimates of $677.24 million. During the same period in the prior year, the business earned $0.45 earnings per share. The business's revenue was down 4.8% compared to the same quarter last year. Sell-side analysts expect that TEGNA Inc. will post 3.02 EPS for the current year.
TEGNA Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 6th were given a $0.125 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.50 annualized dividend and a yield of 2.99%. TEGNA's payout ratio is 17.61%.
About TEGNA
(
Free Report)
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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