Hussman Strategic Advisors Inc. Makes New $1.53 Million Investment in TEGNA Inc. (NYSE:TGNA)

Hussman Strategic Advisors Inc. acquired a new position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 84,000 shares of the company's stock, valued at approximately $1,530,000. Hussman Strategic Advisors Inc. owned about 0.05% of TEGNA at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in TEGNA by 2.5% during the first quarter. Principal Financial Group Inc. now owns 934,711 shares of the company's stock worth $17,030,000 after buying an additional 23,094 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in TEGNA by 53.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 18,376 shares of the company's stock worth $341,000 after buying an additional 6,433 shares during the last quarter. Crossmark Global Holdings Inc. raised 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 during the last quarter. Whitebox Advisors LLC raised its holdings in TEGNA by 459.6% during the fourth quarter. Whitebox Advisors LLC now owns 142,703 shares of the company's stock worth $2,610,000 after buying an additional 117,203 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in TEGNA by 1,454.5% during the first quarter. Janney Montgomery Scott LLC now owns 179,765 shares of the company's stock worth $3,275,000 after buying an additional 168,201 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. lowered 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. Guggenheim lowered their target price on shares of TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, July 2nd. Finally, Benchmark lowered their target price 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, TEGNA presently has an average rating of "Moderate Buy" and an average price target of $20.00.

TEGNA Stock Down 1.8%

Shares of TGNA stock traded down $0.31 on Friday, hitting $16.71. The stock had a trading volume of 1,186,800 shares, compared to its average volume of 1,820,681. The business has a 50 day moving average of $16.87 and a 200 day moving average of $17.31. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 5.88 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 12-month low of $13.37 and a 12-month high of $19.62.

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

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 6th were given a dividend of $0.125 per share. The ex-dividend date was Friday, June 6th. This represents a $0.50 annualized dividend and a yield of 2.99%. TEGNA's 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.