Wedge Capital Management L L P NC lowered its stake in shares of TEGNA Inc. (NYSE:TGNA) by 46.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,432 shares of the company’s stock after selling 14,484 shares during the period. Wedge Capital Management L L P NC’s holdings in TEGNA were worth $255,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LS Investment Advisors LLC raised its position in TEGNA by 8.1% in the third quarter. LS Investment Advisors LLC now owns 11,612 shares of the company’s stock valued at $180,000 after purchasing an additional 867 shares during the period. California Public Employees Retirement System raised its position in TEGNA by 0.5% in the third quarter. California Public Employees Retirement System now owns 503,270 shares of the company’s stock valued at $7,816,000 after purchasing an additional 2,683 shares during the period. Usca Ria LLC purchased a new stake in TEGNA in the third quarter valued at $39,000. Commonwealth Equity Services LLC raised its position in TEGNA by 14.3% in the third quarter. Commonwealth Equity Services LLC now owns 22,417 shares of the company’s stock valued at $348,000 after purchasing an additional 2,810 shares during the period. Finally, Chicago Equity Partners LLC raised its position in TEGNA by 28.2% in the third quarter. Chicago Equity Partners LLC now owns 301,580 shares of the company’s stock valued at $4,684,000 after purchasing an additional 66,355 shares during the period. 99.54% of the stock is currently owned by institutional investors.

Several equities research analysts recently issued reports on TGNA shares. Barrington Research reiterated a “buy” rating and issued a $18.00 price objective on shares of TEGNA in a report on Tuesday, August 6th. Cannonball Research started coverage on TEGNA in a report on Wednesday, August 21st. They issued a “neutral” rating and a $17.00 price objective on the stock. Wells Fargo & Co started coverage on TEGNA in a report on Tuesday, September 24th. They issued a “market perform” rating and a $17.00 price objective on the stock. ValuEngine upgraded TEGNA from a “strong sell” rating to a “sell” rating in a report on Friday, November 1st. Finally, Zacks Investment Research upgraded TEGNA from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $17.22.

NYSE TGNA traded down $0.38 during trading hours on Friday, hitting $15.10. 2,995,715 shares of the company were exchanged, compared to its average volume of 2,269,862. The company has a 50 day moving average of $15.27 and a two-hundred day moving average of $15.25. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 2.05. TEGNA Inc. has a 52-week low of $10.24 and a 52-week high of $16.58. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 8.25, a PEG ratio of 1.26 and a beta of 1.44.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.27 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.27. TEGNA had a return on equity of 28.43% and a net margin of 18.24%. The company had revenue of $551.86 million for the quarter, compared to the consensus estimate of $540.52 million. During the same quarter in the prior year, the business earned $0.40 EPS. TEGNA’s revenue was up 2.4% on a year-over-year basis. On average, equities research analysts predict that TEGNA Inc. will post 1.21 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a dividend of $0.07 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.28 annualized dividend and a yield of 1.85%. TEGNA’s dividend payout ratio (DPR) is 15.30%.

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.

Further Reading: Bond

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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