BlackRock Inc. grew its stake in TEGNA Inc. (NYSE:TGNA) by 1.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,806,084 shares of the company’s stock after purchasing an additional 379,594 shares during the period. BlackRock Inc. owned approximately 0.12% of TEGNA worth $363,866,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Dubuque Bank & Trust Co. bought a new position in TEGNA in the first quarter valued at about $28,000. Advisory Services Network LLC bought a new position in TEGNA in the fourth quarter valued at about $52,000. Sciencast Management LP bought a new position in TEGNA in the first quarter valued at about $158,000. Campbell & CO Investment Adviser LLC bought a new position in TEGNA in the fourth quarter valued at about $131,000. Finally, Magnus Financial Group LLC bought a new position in TEGNA in the fourth quarter valued at about $124,000. 97.42% of the stock is owned by institutional investors and hedge funds.
NYSE:TGNA opened at $14.92 on Wednesday. The company has a debt-to-equity ratio of 2.12, a current ratio of 1.61 and a quick ratio of 1.61. TEGNA Inc. has a 12-month low of $10.24 and a 12-month high of $16.57. The stock has a market cap of $3.35 billion, a P/E ratio of 8.15, a price-to-earnings-growth ratio of 1.23 and a beta of 1.53.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Thursday, June 6th. TEGNA’s dividend payout ratio is currently 15.30%.
TGNA has been the topic of a number of recent research reports. Barrington Research reissued a “buy” rating and issued a $17.00 target price on shares of TEGNA in a report on Friday, March 8th. Noble Financial reaffirmed a “buy” rating and issued a $14.50 price objective on shares of TEGNA in a research note on Thursday, February 28th. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of TEGNA in a research note on Friday, May 10th. Stephens downgraded TEGNA from an “overweight” rating to an “equal” rating and decreased their price objective for the stock from $19.00 to $17.00 in a research note on Tuesday. Finally, Zacks Investment Research downgraded TEGNA from a “buy” rating to a “hold” rating in a research note on Thursday, February 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. TEGNA currently has an average rating of “Hold” and an average target price of $15.63.
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.
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