GABELLI & Co INVESTMENT ADVISERS INC. Has $6.78 Million Stake in TEGNA Inc. (NYSE:TGNA)

GABELLI & Co INVESTMENT ADVISERS INC. reduced its stake in shares of TEGNA Inc. (NYSE:TGNA) by 26.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 370,836 shares of the company’s stock after selling 134,756 shares during the quarter. TEGNA makes up approximately 1.2% of GABELLI & Co INVESTMENT ADVISERS INC.’s portfolio, making the stock its 24th largest position. GABELLI & Co INVESTMENT ADVISERS INC. owned about 0.23% of TEGNA worth $6,783,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its holdings in TEGNA by 59.0% in 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. Smartleaf Asset Management LLC raised its holdings in shares of TEGNA by 95.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after purchasing an additional 832 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in shares of TEGNA by 4.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company’s stock valued at $424,000 after purchasing an additional 910 shares during the last quarter. PNC Financial Services Group Inc. increased its position in TEGNA by 34.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company’s stock worth $80,000 after buying an additional 1,111 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of TEGNA by 7.4% in the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock worth $284,000 after buying an additional 1,239 shares during the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Trading Up 2.9 %

Shares of TGNA stock opened at $15.87 on Tuesday. The firm has a fifty day moving average of $17.66 and a 200-day moving average of $17.69. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 5.61 and a beta of 0.25. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th were paid a $0.125 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.50 annualized dividend and a dividend yield of 3.15%. TEGNA’s dividend payout ratio is currently 14.12%.

Analyst Ratings Changes

A number of research analysts have recently commented on TGNA shares. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $21.00 to $23.00 in a report on Thursday, December 19th. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Finally, Guggenheim lowered their price target on TEGNA from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.25.

TEGNA Company 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.