GABELLI & Co INVESTMENT ADVISERS INC. Boosts Position in TEGNA Inc. $TGNA

GABELLI & Co INVESTMENT ADVISERS INC. grew its stake in shares of TEGNA Inc. (NYSE:TGNA) by 15.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 311,021 shares of the company’s stock after buying an additional 41,310 shares during the period. TEGNA accounts for approximately 1.0% of GABELLI & Co INVESTMENT ADVISERS INC.’s portfolio, making the stock its 25th largest holding. GABELLI & Co INVESTMENT ADVISERS INC. owned approximately 0.19% of TEGNA worth $6,323,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in TEGNA by 13.0% in the third quarter. EverSource Wealth Advisors LLC now owns 4,480 shares of the company’s stock valued at $91,000 after purchasing an additional 517 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of TEGNA by 12.7% in the third quarter. PNC Financial Services Group Inc. now owns 5,810 shares of the company’s stock worth $118,000 after purchasing an additional 653 shares during the last quarter. Arizona State Retirement System increased its stake in shares of TEGNA by 1.4% in the third quarter. Arizona State Retirement System now owns 47,560 shares of the company’s stock worth $967,000 after buying an additional 657 shares during the period. Parkside Financial Bank & Trust increased its stake in shares of TEGNA by 12.6% in the second quarter. Parkside Financial Bank & Trust now owns 6,295 shares of the company’s stock worth $106,000 after buying an additional 706 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in TEGNA by 2.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 36,978 shares of the company’s stock valued at $620,000 after buying an additional 838 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors.

TEGNA Trading Down 1.5%

NYSE:TGNA opened at $20.66 on Friday. The company has a 50 day simple moving average of $19.79 and a two-hundred day simple moving average of $20.03. The company has a market cap of $3.35 billion, a PE ratio of 15.30 and a beta of 0.12. TEGNA Inc. has a 12 month low of $14.87 and a 12 month high of $21.35. The company has a current ratio of 2.28, a quick ratio of 2.22 and a debt-to-equity ratio of 0.80.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05. TEGNA had a net margin of 8.11% and a return on equity of 8.60%. The firm had revenue of $706.11 million during the quarter, compared to analyst estimates of $701.29 million. During the same quarter in the prior year, the firm earned $1.21 EPS. The business’s revenue for the quarter was down 18.9% compared to the same quarter last year. Research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 10th will be given a dividend of $0.125 per share. The ex-dividend date is Tuesday, March 10th. This represents a $0.50 annualized dividend and a yield of 2.4%. TEGNA’s payout ratio is 37.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of TEGNA from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, TEGNA has an average rating of “Hold” and an average target price of $19.75.

About TEGNA

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.