GAMMA Investing LLC Raises Stock Holdings in TEGNA Inc. (NYSE:TGNA)

GAMMA Investing LLC lifted its position in shares of TEGNA Inc. (NYSE:TGNA) by 59.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,040 shares of the company’s stock after buying an additional 757 shares during the quarter. GAMMA Investing LLC’s holdings in TEGNA were worth $37,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TGNA. Principal Financial Group Inc. raised its position in TEGNA by 26.2% in the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock valued at $14,068,000 after purchasing an additional 184,845 shares during the period. Dimensional Fund Advisors LP increased its position in TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after buying an additional 141,638 shares during the period. Capital Management Corp VA raised its holdings in shares of TEGNA by 30.3% during the third quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock valued at $11,453,000 after buying an additional 168,667 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of TEGNA during the third quarter valued at $626,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of TEGNA by 132.9% in the second quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock valued at $12,780,000 after acquiring an additional 523,120 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Price Performance

Shares of TGNA stock opened at $18.28 on Wednesday. The stock has a 50 day moving average of $18.41 and a two-hundred day moving average of $16.19. 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 company has a market capitalization of $2.95 billion, a P/E ratio of 6.46 and a beta of 0.52. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same quarter in the previous year, the firm posted $0.39 EPS. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities analysts expect that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Friday, December 6th. TEGNA’s payout ratio is currently 17.67%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. StockNews.com raised TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. Finally, Benchmark increased their target price on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

Insider Buying and Selling

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now owns 154,617 shares of the company’s stock, valued at approximately $2,535,718.80. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by corporate insiders.

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.