Illinois Municipal Retirement Fund Makes New Investment in TEGNA Inc. (NYSE:TGNA)

Illinois Municipal Retirement Fund purchased a new stake in TEGNA Inc. (NYSE:TGNA) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 88,176 shares of the company’s stock, valued at approximately $1,613,000. Illinois Municipal Retirement Fund owned about 0.05% of TEGNA at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. acquired a new position in TEGNA during the third quarter valued at approximately $28,000. GAMMA Investing LLC grew its holdings in shares of TEGNA by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after buying an additional 757 shares during the period. Sound Income Strategies LLC acquired a new position in shares of TEGNA in the 4th quarter valued at $57,000. Quarry LP increased its position in shares of TEGNA by 455.2% in the 3rd quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after buying an additional 3,300 shares in the last quarter. Finally, US Bancorp DE raised its stake in TEGNA by 20.4% during the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after buying an additional 764 shares during the period. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TGNA. StockNews.com cut TEGNA from a “buy” rating to a “hold” rating in a research note on Friday. 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. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. Benchmark upped their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Guggenheim restated a “buy” rating and set a $22.00 price objective on shares of TEGNA in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $21.75.

TEGNA Stock Up 1.3 %

Shares of TEGNA stock opened at $18.17 on Friday. The firm has a market cap of $2.93 billion, a PE ratio of 6.42 and a beta of 0.52. The business’s 50 day simple moving average is $18.16 and its 200 day simple moving average is $16.88. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62.

TEGNA Dividend Announcement

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