South Dakota Investment Council Sells 46,088 Shares of TEGNA Inc. (NYSE:TGNA)

South Dakota Investment Council lowered its stake in shares of TEGNA Inc. (NYSE:TGNA) by 21.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 164,636 shares of the company’s stock after selling 46,088 shares during the quarter. South Dakota Investment Council owned about 0.10% of TEGNA worth $3,011,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new stake in TEGNA during the third quarter worth approximately $28,000. GAMMA Investing LLC lifted its holdings in shares of TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after buying an additional 757 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of TEGNA during the fourth quarter worth approximately $57,000. Quarry LP lifted its holdings in shares of TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company’s stock worth $64,000 after buying an additional 3,300 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of TEGNA by 20.4% during the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after buying an additional 764 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

TEGNA Stock Performance

Shares of NYSE TGNA opened at $17.81 on Monday. The business has a fifty day simple moving average of $18.22 and a 200 day simple moving average of $16.83. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 6.29 and a beta of 0.52. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62.

TEGNA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be paid a $0.125 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.81%. TEGNA’s payout ratio is 17.67%.

Wall Street Analysts Forecast Growth

TGNA has been the subject of a number of research analyst reports. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. Benchmark upped their price target on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Guggenheim reiterated a “buy” rating and set a $22.00 price target on shares of TEGNA in a report on Friday, January 24th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. upped their price target on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.75.

TEGNA Profile

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.