Signaturefd LLC Boosts Stake in TEGNA Inc. (NYSE:TGNA)

Signaturefd LLC increased its position in TEGNA Inc. (NYSE:TGNA) by 437.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 9,686 shares of the company’s stock after purchasing an additional 7,884 shares during the period. Signaturefd LLC’s holdings in TEGNA were worth $148,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Muhlenkamp & Co. Inc. raised its stake in TEGNA by 106.0% during the 3rd quarter. Muhlenkamp & Co. Inc. now owns 431,541 shares of the company’s stock valued at $6,288,000 after acquiring an additional 222,103 shares during the last quarter. LSV Asset Management raised its stake in TEGNA by 10.0% during the 3rd quarter. LSV Asset Management now owns 4,668,419 shares of the company’s stock valued at $68,019,000 after acquiring an additional 424,579 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in TEGNA during the 3rd quarter valued at approximately $540,000. Vanguard Group Inc. raised its stake in TEGNA by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 24,582,211 shares of the company’s stock valued at $358,163,000 after acquiring an additional 499,171 shares during the last quarter. Finally, Gabelli Funds LLC raised its stake in TEGNA by 3.4% during the 3rd quarter. Gabelli Funds LLC now owns 1,875,027 shares of the company’s stock valued at $27,319,000 after acquiring an additional 62,173 shares during the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on TGNA. JPMorgan Chase & Co. reduced their price objective on TEGNA from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Friday, March 1st. Wells Fargo & Company cut their target price on TEGNA from $17.00 to $15.00 and set an “equal weight” rating for the company in a research note on Friday, February 9th. Finally, Benchmark cut their target price on TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, March 1st.

TEGNA Stock Performance

Shares of TGNA stock opened at $13.54 on Monday. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 5.99 and a beta of 0.50. The stock has a 50 day simple moving average of $14.19 and a 200-day simple moving average of $14.83. TEGNA Inc. has a 12-month low of $13.18 and a 12-month high of $17.37. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.14.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, February 29th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). The business had revenue of $725.80 million for the quarter, compared to analysts’ expectations of $750.78 million. TEGNA had a return on equity of 12.41% and a net margin of 16.38%. The business’s quarterly revenue was down 20.9% on a year-over-year basis. During the same period last year, the company posted $0.98 earnings per share. On average, equities analysts forecast that TEGNA Inc. will post 3 EPS for the current year.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 8th were issued a $0.114 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Thursday, March 7th. TEGNA’s dividend payout ratio is currently 20.35%.

Insider Buying and Selling

In related news, CEO David T. Lougee sold 43,750 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the sale, the chief executive officer now owns 725,651 shares in the company, valued at approximately $10,667,069.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO David T. Lougee sold 43,750 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the sale, the chief executive officer now owns 725,651 shares in the company, valued at approximately $10,667,069.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David T. Lougee sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $15.21, for a total value of $2,281,500.00. Following the completion of the sale, the chief executive officer now owns 636,262 shares in the company, valued at approximately $9,677,545.02. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.

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.