BCK Capital Management LP Makes New $1.95 Million Investment in TEGNA Inc. $TGNA

BCK Capital Management LP bought a new stake in TEGNA Inc. (NYSE:TGNA) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 95,938 shares of the company’s stock, valued at approximately $1,950,000. TEGNA accounts for about 2.1% of BCK Capital Management LP’s holdings, making the stock its 7th biggest holding. BCK Capital Management LP owned about 0.06% of TEGNA at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Consulate Inc. acquired a new stake in shares of TEGNA during the 3rd quarter worth approximately $29,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in TEGNA during the second quarter worth $38,000. Federated Hermes Inc. boosted its holdings in shares of TEGNA by 85.4% in the 3rd quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after purchasing an additional 853 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of TEGNA by 160.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock valued at $48,000 after purchasing an additional 1,464 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of TEGNA by 1,018.3% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock valued at $50,000 after purchasing an additional 2,729 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TGNA. Zacks Research upgraded TEGNA from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $19.75.

TEGNA Price Performance

TEGNA stock opened at $20.86 on Friday. The stock has a 50-day moving average price of $19.50 and a two-hundred day moving average price of $19.87. TEGNA Inc. has a 12 month low of $14.87 and a 12 month high of $21.35. The company has a market capitalization of $3.36 billion, a PE ratio of 9.84 and a beta of 0.15. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.81.

TEGNA Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.