Angelo Gordon & CO. L.P. Takes Position in TEGNA Inc. $TGNA

Angelo Gordon & CO. L.P. bought a new stake in shares of TEGNA Inc. (NYSE:TGNA) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 64,999 shares of the company’s stock, valued at approximately $1,321,000.

Several other hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings 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 period. PNC Financial Services Group Inc. grew its stake in TEGNA by 12.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,810 shares of the company’s stock valued at $118,000 after acquiring an additional 653 shares during the period. Arizona State Retirement System grew its position 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 valued at $967,000 after purchasing an additional 657 shares during the period. Police & Firemen s Retirement System of New Jersey increased its stake 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 worth $620,000 after buying an additional 838 shares in the last quarter. Finally, Guidance Capital Inc. increased its position in shares of TEGNA by 2.7% during the third quarter. Guidance Capital Inc. now owns 31,988 shares of the company’s stock worth $640,000 after purchasing an additional 840 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Performance

Shares of TGNA stock opened at $20.30 on Friday. The stock’s 50-day moving average is $19.90 and its two-hundred day moving average is $20.01. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.28 and a current ratio of 2.28. TEGNA Inc. has a 1 year low of $14.87 and a 1 year high of $21.35. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 15.03 and a beta of 0.12.

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

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 10th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, March 10th. TEGNA’s payout ratio is presently 37.04%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. Zacks Research upgraded TEGNA from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, TEGNA presently has an average rating of “Hold” and a consensus target price of $19.75.

TEGNA Company 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.