TEGNA Inc. (NYSE:TGNA) Shares Acquired by LSV Asset Management

LSV Asset Management lifted its holdings in TEGNA Inc. (NYSE:TGNA) by 16.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,449,571 shares of the company’s stock after purchasing an additional 781,152 shares during the quarter. LSV Asset Management owned about 2.77% of TEGNA worth $83,378,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of TEGNA by 2.1% in the third quarter. Vanguard Group Inc. now owns 24,582,211 shares of the company’s stock worth $358,163,000 after buying an additional 499,171 shares during the last quarter. Boston Partners lifted its position in TEGNA by 4.4% during the 3rd quarter. Boston Partners now owns 10,574,902 shares of the company’s stock worth $154,046,000 after acquiring an additional 445,464 shares during the period. AQR Capital Management LLC lifted its position in TEGNA by 190.5% during the 3rd quarter. AQR Capital Management LLC now owns 3,224,755 shares of the company’s stock worth $46,985,000 after acquiring an additional 2,114,826 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in TEGNA by 2.5% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,415,296 shares of the company’s stock valued at $35,191,000 after purchasing an additional 58,870 shares during the last quarter. Finally, Gamco Investors INC. ET AL increased its holdings in shares of TEGNA by 18.0% in the third quarter. Gamco Investors INC. ET AL now owns 1,926,028 shares of the company’s stock valued at $28,062,000 after purchasing an additional 294,390 shares during the period. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Stock Performance

NYSE:TGNA traded up $0.02 during trading hours on Friday, reaching $14.17. The company had a trading volume of 1,053,654 shares, compared to its average volume of 1,472,909. The firm has a market cap of $2.50 billion, a PE ratio of 6.27 and a beta of 0.50. TEGNA Inc. has a 1-year low of $13.18 and a 1-year high of $17.37. The business’s 50 day moving average price is $14.13 and its 200-day moving average price is $14.82. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.48 and a quick ratio of 2.48.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). TEGNA had a return on equity of 12.41% and a net margin of 16.38%. The firm had revenue of $725.80 million for the quarter, compared to analysts’ expectations of $750.78 million. During the same period last year, the company posted $0.98 earnings per share. The business’s quarterly revenue was down 20.9% on a year-over-year basis. Research analysts forecast that TEGNA Inc. will post 3.14 EPS for the current year.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 8th were issued a $0.114 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $0.46 dividend on an annualized basis and a yield of 3.22%. TEGNA’s payout ratio is 20.35%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. dropped their target price on TEGNA from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, March 1st. Benchmark cut their price objective on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Finally, Wells Fargo & Company decreased their target price on shares of TEGNA from $17.00 to $15.00 and set an “equal weight” rating for the company in a research report on Friday, February 9th.

Insiders Place Their Bets

In other news, CEO David T. Lougee sold 150,000 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $15.21, for a total transaction of $2,281,500.00. Following the transaction, the chief executive officer now owns 636,262 shares in the company, valued at approximately $9,677,545.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO David T. Lougee sold 43,750 shares of TEGNA stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the sale, the chief executive officer now directly owns 725,651 shares in the company, valued at approximately $10,667,069.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David T. Lougee sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $15.21, for a total value of $2,281,500.00. Following the sale, the chief executive officer now owns 636,262 shares of the company’s stock, valued at $9,677,545.02. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by company insiders.

About TEGNA

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.