EMC Capital Management Buys 17,629 Shares of TEGNA Inc. (NYSE:TGNA)

EMC Capital Management lifted its stake in shares of TEGNA Inc. (NYSE:TGNA) by 648.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 20,346 shares of the company’s stock after acquiring an additional 17,629 shares during the period. EMC Capital Management’s holdings in TEGNA were worth $372,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TGNA. Pacer Advisors Inc. boosted its position in TEGNA by 2,898.4% during the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock worth $170,521,000 after purchasing an additional 10,445,739 shares during the period. State Street Corp lifted its stake in shares of TEGNA by 3.5% in the third quarter. State Street Corp now owns 8,194,619 shares of the company’s stock worth $129,991,000 after buying an additional 276,699 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of TEGNA by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock worth $77,422,000 after buying an additional 238,696 shares during the period. Charles Schwab Investment Management Inc. grew its stake in TEGNA by 3.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock valued at $28,077,000 after buying an additional 53,583 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in TEGNA by 395.9% in the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock worth $12,974,000 after acquiring an additional 743,052 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TGNA shares. JPMorgan Chase & Co. upped their price target on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $21.00 to $23.00 in a report on Thursday, December 19th. StockNews.com raised TEGNA from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Benchmark boosted their target price on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Guggenheim reissued a “buy” rating and issued a $22.00 price target on shares of TEGNA in a report on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Stock Performance

TGNA opened at $18.37 on Thursday. The stock’s 50 day simple moving average is $18.41 and its 200-day simple moving average is $16.51. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market cap of $2.96 billion, a PE ratio of 6.50 and a beta of 0.52. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.11. The firm had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Sell-side analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Friday, December 6th. TEGNA’s dividend payout ratio is 17.67%.

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.