Asset Management One Co. Ltd. Trims Stake in TEGNA Inc. (NYSE:TGNA)

Asset Management One Co. Ltd. reduced its stake in shares of TEGNA Inc. (NYSE:TGNA) by 4.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,000 shares of the company’s stock after selling 1,248 shares during the quarter. Asset Management One Co. Ltd.’s holdings in TEGNA were worth $496,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in TEGNA by 26.2% during the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock valued at $14,068,000 after acquiring an additional 184,845 shares in the last quarter. Capital Management Corp VA increased its position in shares of TEGNA by 30.3% in 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 in the last quarter. EMC Capital Management increased its position in shares of TEGNA by 648.8% in the fourth quarter. EMC Capital Management now owns 20,346 shares of the company’s stock valued at $372,000 after buying an additional 17,629 shares in the last quarter. Guidance Capital Inc. purchased a new stake in shares of TEGNA in the fourth quarter valued at approximately $476,000. Finally, World Investment Advisors LLC purchased a new stake in shares of TEGNA in the third quarter valued at approximately $528,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Stock Performance

Shares of NYSE:TGNA opened at $18.16 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The business’s 50 day moving average price is $18.24 and its 200-day moving average price is $16.77. The firm has a market capitalization of $2.93 billion, a PE ratio of 6.42 and a beta of 0.52. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA’s dividend payout ratio is presently 17.67%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Guggenheim restated a “buy” rating and issued a $22.00 price objective on shares of TEGNA in a research report on Friday, January 24th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. boosted their price objective on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Finally, Benchmark boosted their price objective on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $21.75.

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.