EMC Capital Management Boosts Stake in TEGNA Inc. (NYSE:TGNA)

EMC Capital Management grew its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 648.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,346 shares of the company’s stock after acquiring an additional 17,629 shares during the period. EMC Capital Management’s holdings in TEGNA were worth $372,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Pacer Advisors Inc. grew its stake in TEGNA by 2,898.4% during the 3rd quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock valued at $170,521,000 after purchasing an additional 10,445,739 shares in the last quarter. State Street Corp boosted its stake in shares of TEGNA by 3.5% during the 3rd quarter. State Street Corp now owns 8,194,619 shares of the company’s stock valued at $129,991,000 after buying an additional 276,699 shares during the last quarter. Geode Capital Management LLC grew its position in shares of TEGNA by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock worth $77,422,000 after buying an additional 238,696 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of TEGNA by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock worth $28,077,000 after buying an additional 53,583 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in TEGNA by 395.9% in the second quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after acquiring an additional 743,052 shares in the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Price Performance

Shares of NYSE TGNA opened at $18.37 on Thursday. TEGNA Inc. has a twelve month low of $12.35 and a twelve 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 firm has a 50-day moving average of $18.41 and a two-hundred day moving average of $16.51. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of 6.50 and a beta of 0.52.

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

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Friday, December 6th. TEGNA’s dividend payout ratio (DPR) is 17.67%.

Wall Street Analyst Weigh In

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

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.