EMC Capital Management Sells 11,792 Shares of TEGNA Inc. $TGNA

EMC Capital Management lessened its holdings in TEGNA Inc. (NYSE:TGNA) by 58.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,554 shares of the company’s stock after selling 11,792 shares during the quarter. EMC Capital Management’s holdings in TEGNA were worth $143,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in TEGNA in the 2nd quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd raised its position in TEGNA by 1,018.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock worth $50,000 after purchasing an additional 2,729 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in TEGNA by 13,896.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 3,919 shares of the company’s stock worth $66,000 after buying an additional 3,891 shares during the period. Amundi grew its position in shares of TEGNA by 1,507.5% in the 1st quarter. Amundi now owns 4,067 shares of the company’s stock valued at $74,000 after buying an additional 3,814 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of TEGNA in the 1st quarter valued at about $86,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TGNA has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a research report on Monday. Zacks Research lowered shares of TEGNA from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. Wells Fargo & Company downgraded shares of TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Finally, Guggenheim reaffirmed a “neutral” rating and issued a $19.00 price objective on shares of TEGNA in a research note on Friday, August 22nd. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, TEGNA currently has a consensus rating of “Hold” and a consensus target price of $19.75.

TEGNA Trading Down 0.1%

Shares of TGNA stock opened at $19.88 on Thursday. TEGNA Inc. has a fifty-two week low of $14.87 and a fifty-two week high of $21.35. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a 50 day simple moving average of $20.21 and a two-hundred day simple moving average of $18.65. The company has a market cap of $3.20 billion, a P/E ratio of 7.15 and a beta of 0.25.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The business had revenue of $650.79 million for the quarter, compared to the consensus estimate of $658.28 million. TEGNA had a return on equity of 16.20% and a net margin of 14.99%.TEGNA’s quarterly revenue was down 19.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.94 earnings per share. Research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 5th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, December 5th. TEGNA’s dividend payout ratio (DPR) is presently 23.58%.

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.