SG Americas Securities LLC Cuts Position in TEGNA Inc. (NYSE:TGNA)

SG Americas Securities LLC trimmed its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 24.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 29,841 shares of the company’s stock after selling 9,857 shares during the period. SG Americas Securities LLC’s holdings in TEGNA were worth $546,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its stake in TEGNA by 513.1% during the second quarter. Envestnet Asset Management Inc. now owns 181,214 shares of the company’s stock valued at $2,526,000 after buying an additional 151,656 shares during the last quarter. Sei Investments Co. increased its holdings in shares of TEGNA by 54.2% during the second quarter. Sei Investments Co. now owns 104,363 shares of the company’s stock valued at $1,455,000 after acquiring an additional 36,687 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of TEGNA by 10.3% during the second quarter. Marshall Wace LLP now owns 156,106 shares of the company’s stock valued at $2,176,000 after acquiring an additional 14,616 shares in the last quarter. Millennium Management LLC raised its position in shares of TEGNA by 395.9% in the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock worth $12,974,000 after purchasing an additional 743,052 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in TEGNA in the 2nd quarter worth about $227,000. 92.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

TEGNA Stock Down 0.8 %

Shares of TEGNA stock opened at $18.22 on Friday. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The company’s 50 day moving average is $18.39 and its 200 day moving average is $16.54. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 6.44 and a beta of 0.52.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The firm had revenue of $806.83 million for the quarter, compared to analysts’ expectations of $795.72 million. During the same period in the prior year, the firm earned $0.39 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. Research analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

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

About TEGNA

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.