TEGNA Inc. (NYSE:TGNA) Shares Purchased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in TEGNA Inc. (NYSE:TGNA - Free Report) by 16.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 518,578 shares of the company's stock after acquiring an additional 72,397 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.32% of TEGNA worth $9,485,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TGNA. Norges Bank bought a new position in shares of TEGNA during the fourth quarter valued at approximately $12,170,000. Voloridge Investment Management LLC acquired a new stake in TEGNA in the fourth quarter valued at approximately $5,434,000. Jane Street Group LLC boosted its stake in TEGNA by 494.8% in the fourth quarter. Jane Street Group LLC now owns 195,677 shares of the company's stock valued at $3,579,000 after acquiring an additional 245,245 shares in the last quarter. Schroder Investment Management Group acquired a new stake in TEGNA in the fourth quarter valued at approximately $4,429,000. Finally, Hillsdale Investment Management Inc. boosted its stake in TEGNA by 13,258.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company's stock valued at $4,154,000 after acquiring an additional 225,400 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TGNA shares. Wells Fargo & Company lowered their target price 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. JPMorgan Chase & Co. decreased their price target on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. Benchmark lowered their price objective on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Wall Street Zen downgraded shares of TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Guggenheim lifted their price objective on shares of TEGNA from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $20.25.

TEGNA Stock Performance

TGNA traded down $0.55 on Wednesday, reaching $16.11. The stock had a trading volume of 1,528,748 shares, compared to its average volume of 1,948,580. 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. The business's 50-day moving average price is $16.63 and its two-hundred day moving average price is $17.67. The company has a market cap of $2.59 billion, a P/E ratio of 5.69 and a beta of 0.31.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.03. The company had revenue of $680.05 million during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 earnings per share. Sell-side analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.10%. TEGNA's dividend payout ratio is currently 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.