XTX Topco Ltd Raises Stake in TEGNA Inc. (NYSE:TGNA)

Key Points

• XTX Topco Ltd increased its stake in TEGNA Inc. by 192.8% in Q1, owning 51,473 shares valued at approximately $938,000.
• Several hedge funds, including Harvest Fund Management and Neo Ivy Capital Management, have also significantly adjusted their stakes in TEGNA, reflecting increased institutional interest.
• TEGNA recently announced a quarterly dividend of $0.125, representing an annualized payout of $0.50 and a yield of 3.1%.

XTX Topco Ltd boosted its stake in TEGNA Inc. (NYSE:TGNA - Free Report) by 192.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,473 shares of the company's stock after purchasing an additional 33,896 shares during the quarter. XTX Topco Ltd's holdings in TEGNA were worth $938,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd boosted its position in shares of TEGNA by 113.9% in the first quarter. Harvest Fund Management Co. Ltd now owns 52,038 shares of the company's stock valued at $949,000 after acquiring an additional 27,707 shares during the period. GSA Capital Partners LLP purchased a new stake in TEGNA in the 1st quarter worth approximately $1,680,000. Bryce Point Capital LLC lifted its stake in TEGNA by 56.6% in the 1st quarter. Bryce Point Capital LLC now owns 38,831 shares of the company's stock worth $704,000 after purchasing an additional 14,034 shares in the last quarter. Inspire Advisors LLC bought a new position in TEGNA in the 1st quarter valued at $335,000. Finally, Neo Ivy Capital Management grew its position in shares of TEGNA by 1,362.4% during the 1st quarter. Neo Ivy Capital Management now owns 22,638 shares of the company's stock valued at $412,000 after purchasing an additional 21,090 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TGNA. Wells Fargo & Company decreased their price target on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Benchmark decreased 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. JPMorgan Chase & Co. lowered their price target on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Finally, Guggenheim cut their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

TEGNA Trading Down 3.8%

NYSE TGNA opened at $16.07 on Friday. The stock's 50-day simple moving average is $16.79 and its two-hundred day simple moving average is $17.19. TEGNA Inc. has a twelve month low of $13.37 and a twelve month high of $19.62. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 5.66 and a beta of 0.28.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate 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 return on equity of 17.13% and a net margin of 15.29%. The company's revenue was down 4.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. Research analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, June 6th. TEGNA's payout ratio is presently 17.61%.

TEGNA 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.

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