GAMMA Investing LLC Acquires 54,952 Shares of TEGNA Inc. (NYSE:TGNA)

GAMMA Investing LLC boosted its holdings in TEGNA Inc. (NYSE:TGNA) by 2,693.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,992 shares of the company’s stock after purchasing an additional 54,952 shares during the period. GAMMA Investing LLC’s holdings in TEGNA were worth $1,038,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in TGNA. Charles Schwab Investment Management Inc. raised its stake in shares of TEGNA by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company’s stock valued at $34,260,000 after acquiring an additional 93,894 shares during the last quarter. Whitebox Advisors LLC raised its stake in shares of TEGNA by 459.6% during the fourth quarter. Whitebox Advisors LLC now owns 142,703 shares of the company’s stock valued at $2,610,000 after acquiring an additional 117,203 shares during the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of TEGNA by 13,258.8% during the fourth quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company’s stock valued at $4,154,000 after acquiring an additional 225,400 shares during the last quarter. Invesco Ltd. raised its stake in shares of TEGNA by 14.6% during the fourth quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock valued at $15,841,000 after acquiring an additional 110,646 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of TEGNA during the fourth quarter valued at about $2,375,000. 92.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on TGNA shares. JPMorgan Chase & Co. decreased their price target on shares of TEGNA from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, May 21st. Wall Street Zen downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Guggenheim increased their price target on shares of TEGNA from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Benchmark decreased their price target on shares of TEGNA from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company decreased their price target on shares of TEGNA from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, TEGNA presently has an average rating of “Moderate Buy” and an average price target of $20.25.

TEGNA Price Performance

Shares of TGNA opened at $16.78 on Tuesday. The stock has a market cap of $2.70 billion, a PE ratio of 5.93 and a beta of 0.30. 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 fifty-two week low of $12.35 and a fifty-two week high of $19.62. The firm’s 50-day simple moving average is $16.55 and its two-hundred day simple moving average is $17.55.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. The business had revenue of $680.05 million for the quarter, compared to analysts’ expectations of $677.24 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share. Analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Friday, June 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.61%.

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.