TEGNA Inc. $TGNA Stock Position Lowered by Swiss National Bank

Swiss National Bank trimmed its position in shares of TEGNA Inc. (NYSE:TGNA) by 1.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 307,100 shares of the company’s stock after selling 5,100 shares during the quarter. Swiss National Bank’s holdings in TEGNA were worth $5,147,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on TGNA. Wells Fargo & Company cut TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a report on Monday, November 24th. Guggenheim reaffirmed a “neutral” rating and set a $19.00 price objective on shares of TEGNA in a research report on Friday, August 22nd. Finally, Zacks Research lowered shares of TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.75.

TEGNA Stock Down 0.6%

Shares of TEGNA stock opened at $19.41 on Tuesday. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 6.98 and a beta of 0.25. The stock has a 50-day simple moving average of $19.98 and a 200-day simple moving average of $18.80. TEGNA Inc. has a 52-week low of $14.87 and a 52-week high of $21.35. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Monday, November 10th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate 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 net margin of 14.99% and a return on equity of 16.20%. TEGNA’s revenue was down 19.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 EPS. On average, equities research analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 5th will be issued a dividend of $0.125 per share. The ex-dividend date is Friday, December 5th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.6%. TEGNA’s dividend payout ratio (DPR) is currently 23.58%.

TEGNA Company 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.