Jupiter Asset Management Ltd. Invests $5.37 Million in TEGNA Inc. (NYSE:TGNA)

Key Points

• Jupiter Asset Management Ltd. acquired a new stake in TEGNA Inc. by purchasing 294,773 shares valued at approximately $5.37 million, representing 0.18% ownership of the company.
• In its latest quarterly report, TEGNA beat analysts' earnings expectations, reporting $0.37 EPS against a consensus estimate of $0.34, while the company's revenue decreased 4.8% year-over-year.
• TEGNA announced a quarterly dividend of $0.125 per share, resulting in an annualized dividend of $0.50 and a yield of 3.1%, reflecting a payout ratio of 17.61%.

Jupiter Asset Management Ltd. acquired a new position in TEGNA Inc. (NYSE:TGNA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 294,773 shares of the company's stock, valued at approximately $5,371,000. Jupiter Asset Management Ltd. owned about 0.18% of TEGNA as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TGNA. Neo Ivy Capital Management bought a new stake in TEGNA in the fourth quarter valued at approximately $28,000. Tower Research Capital LLC TRC lifted its position in TEGNA by 80.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock worth $31,000 after buying an additional 749 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in TEGNA in the 4th quarter worth approximately $32,000. GAMMA Investing LLC boosted its holdings in TEGNA by 53.3% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $57,000 after acquiring an additional 1,088 shares in the last quarter. Finally, Blue Trust Inc. increased its position in TEGNA by 26.0% during the first quarter. Blue Trust Inc. now owns 4,227 shares of the company's stock valued at $77,000 after acquiring an additional 873 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TGNA shares. Guggenheim dropped their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, July 2nd. Wells Fargo & Company lowered their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. 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, JPMorgan Chase & Co. dropped their price target on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. 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, TEGNA currently has a consensus rating of "Moderate Buy" and an average target price of $20.00.

TEGNA Price Performance

TGNA stock traded down $1.29 during mid-day trading on Thursday, hitting $15.08. The company had a trading volume of 2,256,428 shares, compared to its average volume of 1,523,585. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.83. TEGNA Inc. has a 12-month low of $13.37 and a 12-month high of $19.62. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 5.31 and a beta of 0.28. The company has a 50-day moving average price of $16.77 and a 200 day moving average price of $17.16.

TEGNA (NYSE:TGNA - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.06. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. The firm's quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 earnings per share. On average, research analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders 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 dividend yield of 3.3%. TEGNA's dividend payout ratio (DPR) is 17.61%.

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.