TEGNA Inc. $TGNA is Magnetar Financial LLC’s 10th Largest Position

Magnetar Financial LLC boosted its stake in TEGNA Inc. (NYSE:TGNA) by 6,587.9% in the 3rd quarter, Holdings Channel reports. The firm owned 4,140,181 shares of the company’s stock after buying an additional 4,078,275 shares during the quarter. TEGNA accounts for approximately 0.5% of Magnetar Financial LLC’s portfolio, making the stock its 10th biggest position. Magnetar Financial LLC’s holdings in TEGNA were worth $84,170,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in TGNA. Financial Consulate Inc. acquired a new position in shares of TEGNA during the third quarter worth about $29,000. Federated Hermes Inc. grew its stake in shares of TEGNA by 85.4% in the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after buying an additional 853 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of TEGNA by 160.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock valued at $48,000 after buying an additional 1,464 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of TEGNA by 81.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,963 shares of the company’s stock valued at $66,000 after buying an additional 1,781 shares during the period. Finally, Amundi lifted its position in TEGNA by 1,507.5% during the 1st quarter. Amundi now owns 4,067 shares of the company’s stock worth $74,000 after acquiring an additional 3,814 shares in the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. Zacks Research upgraded shares of TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $19.75.

TEGNA Stock Performance

NYSE:TGNA opened at $20.77 on Wednesday. The firm has a 50-day moving average of $19.85 and a two-hundred day moving average of $20.02. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.28 and a quick ratio of 2.28. The stock has a market cap of $3.36 billion, a P/E ratio of 15.38 and a beta of 0.12. TEGNA Inc. has a 1-year low of $14.87 and a 1-year high of $21.35.

TEGNA (NYSE:TGNA) last announced its earnings results on Monday, March 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.05. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The business had revenue of $706.11 million for the quarter, compared to analyst estimates of $701.29 million. During the same period in the previous year, the company earned $1.21 earnings per share. The company’s revenue for the quarter was down 18.9% compared to the same quarter last year. On average, research analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be issued a dividend of $0.125 per share. The ex-dividend date is Tuesday, March 10th. This represents a $0.50 annualized dividend and a yield of 2.4%. TEGNA’s payout ratio is currently 37.04%.

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.