Royce & Associates LP Trims Holdings in TEGNA Inc. (NYSE:TGNA)

Royce & Associates LP lessened its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 1.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,256,462 shares of the company's stock after selling 38,201 shares during the period. TEGNA makes up approximately 0.6% of Royce & Associates LP's holdings, making the stock its 18th largest holding. Royce & Associates LP owned approximately 2.03% of TEGNA worth $59,333,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of TGNA. Northern Trust Corp increased its stake in TEGNA by 8.3% in the fourth quarter. Northern Trust Corp now owns 2,865,335 shares of the company's stock worth $52,407,000 after purchasing an additional 219,706 shares during the period. Bridgeway Capital Management LLC increased its stake in TEGNA by 7.4% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,233,329 shares of the company's stock worth $22,558,000 after purchasing an additional 85,113 shares during the period. Principal Financial Group Inc. increased its stake in TEGNA by 2.5% in the first quarter. Principal Financial Group Inc. now owns 934,711 shares of the company's stock worth $17,030,000 after purchasing an additional 23,094 shares during the period. Victory Capital Management Inc. increased its stake in TEGNA by 1.1% in the first quarter. Victory Capital Management Inc. now owns 918,416 shares of the company's stock worth $16,734,000 after purchasing an additional 10,249 shares during the period. Finally, Invesco Ltd. increased its stake in TEGNA by 14.6% in the fourth quarter. Invesco Ltd. now owns 866,076 shares of the company's stock worth $15,841,000 after purchasing an additional 110,646 shares during the period. Hedge funds and other institutional investors own 92.19% of the company's stock.

TEGNA Stock Down 0.2%

Shares of TEGNA stock traded down $0.04 during trading on Monday, hitting $17.00. 1,138,652 shares of the stock traded hands, compared to its average volume of 1,520,258. 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 firm has a market cap of $2.73 billion, a P/E ratio of 5.99 and a beta of 0.30. The stock's fifty day simple moving average is $16.82 and its 200 day simple moving average is $17.24. TEGNA Inc. has a 52-week low of $13.37 and a 52-week high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last issued 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. The business had revenue of $680.05 million during the quarter, compared to the consensus estimate of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. The company's quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. On average, equities analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend was Friday, June 6th. TEGNA's dividend payout ratio is presently 17.61%.

Analysts Set New Price Targets

A number of research firms have weighed in on TGNA. Guggenheim reduced their target price on TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. Wells Fargo & Company reduced their target price on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Benchmark reduced 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. cut their price target on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

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.