Nuveen Asset Management LLC reduced its stake in TEGNA Inc. (NYSE:TGNA - Free Report) by 15.7% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 857,440 shares of the company's stock after selling 160,282 shares during the quarter. Nuveen Asset Management LLC owned 0.53% of TEGNA worth $15,683,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Northern Trust Corp boosted its holdings in shares of TEGNA by 8.3% in the 4th quarter. Northern Trust Corp now owns 2,865,335 shares of the company's stock worth $52,407,000 after buying an additional 219,706 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in TEGNA by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company's stock valued at $34,260,000 after acquiring an additional 93,894 shares during the period. Bridgeway Capital Management LLC raised its stake in TEGNA by 7.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,233,329 shares of the company's stock valued at $22,558,000 after acquiring an additional 85,113 shares during the period. Principal Financial Group Inc. raised its stake in TEGNA by 2.3% in the 4th quarter. Principal Financial Group Inc. now owns 911,617 shares of the company's stock valued at $16,673,000 after acquiring an additional 20,129 shares during the period. Finally, Invesco Ltd. raised its stake in TEGNA by 14.6% in the 4th quarter. Invesco Ltd. now owns 866,076 shares of the company's stock valued at $15,841,000 after acquiring an additional 110,646 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
TGNA has been the topic of several analyst reports. Wall Street Zen cut TEGNA from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. decreased their price target on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 21st. Guggenheim upped their price target 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 decreased their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, Benchmark decreased their price target on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, TEGNA has a consensus rating of "Moderate Buy" and a consensus target price of $20.25.
Check Out Our Latest Stock Report on TGNA
TEGNA Price Performance
Shares of NYSE:TGNA traded down $0.29 during trading on Wednesday, reaching $16.73. The company had a trading volume of 1,098,939 shares, compared to its average volume of 1,959,850. The company has a fifty day moving average of $16.86 and a two-hundred day moving average of $17.74. The stock has a market capitalization of $2.69 billion, a P/E ratio of 5.91 and a beta of 0.31. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.
TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.03. The firm had revenue of $680.05 million for the quarter, compared to analyst estimates of $677.24 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 EPS. Equities research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.
TEGNA Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Friday, June 6th. TEGNA's dividend payout ratio is currently 17.61%.
About TEGNA
(
Free Report)
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.
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