Legato Capital Management LLC Decreases Holdings in TEGNA Inc. (NYSE:TGNA)

Legato Capital Management LLC cut its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 30.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,385 shares of the company's stock after selling 23,812 shares during the period. Legato Capital Management LLC's holdings in TEGNA were worth $991,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TGNA. Norges Bank bought a new stake in shares of TEGNA in the 4th quarter worth about $12,170,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in TEGNA during the 4th quarter valued at about $7,955,000. Voloridge Investment Management LLC bought a new position in TEGNA during the 4th quarter valued at about $5,434,000. Jane Street Group LLC grew its holdings in TEGNA by 494.8% during the 4th quarter. Jane Street Group LLC now owns 195,677 shares of the company's stock valued at $3,579,000 after purchasing an additional 245,245 shares during the last quarter. Finally, Schroder Investment Management Group bought a new position in TEGNA during the 4th quarter valued at about $4,429,000. 92.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TGNA has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price target 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 cut their price target on shares of TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, July 2nd. Benchmark cut their price target on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Wells Fargo & Company dropped their target price on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, TEGNA has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

TEGNA Trading Down 0.1%

Shares of TEGNA stock traded down $0.03 on Friday, hitting $17.03. 886,095 shares of the company traded hands, compared to its average volume of 1,276,924. The stock's 50 day moving average price is $16.82 and its 200-day moving average price is $17.24. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.83. TEGNA Inc. has a 52 week low of $13.37 and a 52 week high of $19.62. The company has a market cap of $2.74 billion, a PE ratio of 5.99 and a beta of 0.30.

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

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were given a $0.125 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.50 annualized dividend and a dividend yield of 2.94%. TEGNA's payout ratio is presently 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.