Millennium Management LLC Sells 159,674 Shares of TEGNA Inc. (NYSE:TGNA)

Millennium Management LLC lowered its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 8.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,682,011 shares of the company's stock after selling 159,674 shares during the quarter. Millennium Management LLC owned 1.04% of TEGNA worth $30,764,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new position in shares of TEGNA during the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC increased its stake in TEGNA by 95.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock valued at $31,000 after acquiring an additional 832 shares during the period. Tower Research Capital LLC TRC raised its holdings in TEGNA by 80.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock valued at $31,000 after acquiring an additional 749 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of TEGNA in the 4th quarter worth approximately $32,000. Finally, Sound Income Strategies LLC bought a new stake in shares of TEGNA in the 4th quarter worth approximately $57,000. 92.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TGNA. Guggenheim boosted their price objective on TEGNA from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their price objective on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Benchmark reduced their price objective 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. Wall Street Zen lowered shares of TEGNA from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. dropped their price target on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.25.

TEGNA Price Performance

NYSE:TGNA traded down $0.04 during trading hours on Thursday, reaching $16.70. The company had a trading volume of 1,220,513 shares, compared to its average volume of 1,965,409. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a 50-day moving average of $17.00 and a two-hundred day moving average of $17.76. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The firm has a market capitalization of $2.68 billion, a PE ratio of 5.90 and a beta of 0.31.

TEGNA (NYSE:TGNA - Get Free Report) last issued 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 for the quarter, compared to the consensus estimate of $677.24 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. Analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th will be paid a dividend of $0.125 per share. The ex-dividend date is Friday, June 6th. This represents a $0.50 annualized dividend and a yield of 2.99%. TEGNA's dividend payout ratio is 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.