Harvest Fund Management Co. Ltd Purchases New Holdings in TEGNA Inc. (NYSE:TGNA)

Harvest Fund Management Co. Ltd purchased a new stake in TEGNA Inc. (NYSE:TGNA) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,331 shares of the company’s stock, valued at approximately $445,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TGNA. CIBC Asset Management Inc purchased a new position in TEGNA in the third quarter valued at about $260,000. Thrivent Financial for Lutherans raised its stake in TEGNA by 217.0% during the third quarter. Thrivent Financial for Lutherans now owns 129,912 shares of the company’s stock valued at $2,050,000 after buying an additional 88,932 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in TEGNA by 0.7% during the third quarter. Segall Bryant & Hamill LLC now owns 353,586 shares of the company’s stock valued at $5,580,000 after buying an additional 2,599 shares in the last quarter. Advisors Asset Management Inc. raised its stake in TEGNA by 194.9% during the third quarter. Advisors Asset Management Inc. now owns 10,262 shares of the company’s stock valued at $162,000 after buying an additional 6,782 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in TEGNA by 179.6% during the third quarter. Intech Investment Management LLC now owns 72,661 shares of the company’s stock valued at $1,147,000 after buying an additional 46,678 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. StockNews.com cut TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Guggenheim reiterated a “buy” rating and set a $22.00 price target on shares of TEGNA in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.75.

TEGNA Stock Down 1.4 %

Shares of TEGNA stock opened at $18.53 on Friday. 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 business’s 50 day simple moving average is $17.99 and its 200-day simple moving average is $17.34. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 6.55 and a beta of 0.45. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA’s dividend payout ratio (DPR) is 14.12%.

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.