Swiss National Bank Lowers Position in TEGNA Inc. $TGNA

Swiss National Bank lessened its holdings in TEGNA Inc. (NYSE:TGNA) by 4.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 312,200 shares of the company’s stock after selling 13,200 shares during the period. Swiss National Bank owned 0.19% of TEGNA worth $5,688,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TGNA. Wells Fargo & Company MN raised its position in TEGNA by 9.5% during the fourth quarter. Wells Fargo & Company MN now owns 223,654 shares of the company’s stock valued at $4,091,000 after purchasing an additional 19,453 shares in the last quarter. Bank of Montreal Can raised its position in TEGNA by 5.4% during the fourth quarter. Bank of Montreal Can now owns 33,424 shares of the company’s stock valued at $611,000 after purchasing an additional 1,706 shares in the last quarter. Invesco Ltd. raised its position in 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 purchasing an additional 110,646 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in TEGNA during the fourth quarter valued at about $2,375,000. Finally, Sterling Capital Management LLC raised its position in TEGNA by 801.0% during the fourth quarter. Sterling Capital Management LLC now owns 5,217 shares of the company’s stock valued at $95,000 after purchasing an additional 4,638 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Down 1.8%

NYSE TGNA opened at $20.15 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. The stock has a market capitalization of $3.24 billion, a PE ratio of 7.25 and a beta of 0.28. TEGNA Inc. has a 1 year low of $13.44 and a 1 year high of $21.06. The business’s 50-day moving average is $17.19 and its 200 day moving average is $17.21.

TEGNA (NYSE:TGNA) last posted its earnings results on Thursday, August 7th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. The company had revenue of $675.05 million for the quarter, compared to analysts’ expectations of $673.92 million. TEGNA had a return on equity of 16.20% and a net margin of 14.99%. TEGNA’s quarterly revenue was down 5.0% on a year-over-year basis. During the same period last year, the firm earned $0.50 earnings per share. Sell-side analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Guggenheim lowered their price target on TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, July 2nd. Benchmark lowered their price target on TEGNA from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on TEGNA from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $22.00 price objective (up from $21.00) on shares of TEGNA in a research note on Sunday, August 10th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.25.

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.