Assetmark Inc. Cuts Position in TEGNA Inc. (NYSE:TGNA)

Assetmark Inc. trimmed its holdings in TEGNA Inc. (NYSE:TGNA) by 10.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 190,019 shares of the company’s stock after selling 22,696 shares during the quarter. Assetmark Inc.’s holdings in TEGNA were worth $3,475,000 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. Principal Financial Group Inc. boosted its holdings in TEGNA by 26.2% in the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock valued at $14,068,000 after purchasing an additional 184,845 shares in the last quarter. EMC Capital Management boosted its holdings in shares of TEGNA by 648.8% in the fourth quarter. EMC Capital Management now owns 20,346 shares of the company’s stock valued at $372,000 after acquiring an additional 17,629 shares during the period. Guidance Capital Inc. acquired a new stake in shares of TEGNA in the fourth quarter valued at approximately $476,000. World Investment Advisors LLC acquired a new stake in shares of TEGNA in the third quarter valued at approximately $528,000. Finally, Jennison Associates LLC acquired a new stake in shares of TEGNA in the fourth quarter valued at approximately $550,000. 92.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TGNA has been the subject of several research analyst reports. Guggenheim reissued a “buy” rating and issued a $22.00 price objective on shares of TEGNA in a report on Friday, January 24th. StockNews.com downgraded TEGNA from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $21.00 to $23.00 in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. increased their price objective on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.75.

TEGNA Price Performance

Shares of NYSE TGNA opened at $17.80 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The stock has a fifty day moving average price of $18.06 and a 200 day moving average price of $17.10. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $19.62. The company has a market cap of $2.85 billion, a PE ratio of 6.29 and a beta of 0.45.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Friday, March 7th. TEGNA’s dividend payout ratio is presently 14.12%.

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.