Neo Ivy Capital Management Purchases 21,090 Shares of TEGNA Inc. (NYSE:TGNA)

Key Points

• Neo Ivy Capital Management increased its holdings in TEGNA Inc. by 1,362.4%, owning 22,638 shares worth $412,000 after acquiring an additional 21,090 shares in the first quarter.
• Several institutional investors, including Tower Research Capital LLC and Sterling Capital Management LLC, also expanded their positions in TEGNA, reflecting a growing interest among hedge funds, which collectively hold 92.19% of the company's stock.
• TEGNA reported earnings of $0.37 per share for the last quarter, surpassing expectations, but its revenue declined by 4.8% compared to the same quarter last year.

Neo Ivy Capital Management increased its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 1,362.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 22,638 shares of the company's stock after purchasing an additional 21,090 shares during the period. Neo Ivy Capital Management's holdings in TEGNA were worth $412,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TGNA. Raymond James Financial Inc. acquired a new stake in TEGNA during the fourth quarter worth about $2,375,000. Commonwealth Equity Services LLC raised its stake in shares of TEGNA by 19.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 26,023 shares of the company's stock valued at $476,000 after purchasing an additional 4,303 shares in the last quarter. Natixis Advisors LLC bought a new position in TEGNA in the fourth quarter worth $279,000. Xponance Inc. boosted its stake in TEGNA by 15.5% during the fourth quarter. Xponance Inc. now owns 12,840 shares of the company's stock worth $235,000 after buying an additional 1,720 shares in the last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of TEGNA by 288.0% during the 4th quarter. Quantbot Technologies LP now owns 32,783 shares of the company's stock worth $600,000 after acquiring an additional 24,333 shares during the period. Institutional investors own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TGNA. Benchmark decreased their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their target price on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Wells Fargo & Company cut their price target on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Finally, Guggenheim cut their target price on shares of TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, July 2nd. Two investment 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, TEGNA presently has a consensus rating of "Moderate Buy" and an average target price of $20.00.

TEGNA Trading Down 0.7%

Shares of TGNA stock traded down $0.12 on Tuesday, reaching $16.88. The company had a trading volume of 400,560 shares, compared to its average volume of 1,512,106. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.83. The stock has a market cap of $2.71 billion, a PE ratio of 5.94 and a beta of 0.30. The company has a 50-day moving average of $16.81 and a 200-day moving average of $17.23. 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 quarterly earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (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 analyst estimates of $677.24 million. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. The firm's revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. On average, equities analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Friday, June 6th. TEGNA's dividend payout ratio (DPR) is presently 17.61%.

About TEGNA

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.