Illinois Municipal Retirement Fund Buys New Shares in TEGNA Inc. (NYSE:TGNA)

Illinois Municipal Retirement Fund purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA) in the 4th quarter, Holdings Channel reports. The fund purchased 88,176 shares of the company’s stock, valued at approximately $1,613,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in shares of TEGNA by 26.2% during the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock worth $14,068,000 after purchasing an additional 184,845 shares in the last quarter. Capital Management Corp VA raised its position in TEGNA by 30.3% during the third quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after acquiring an additional 168,667 shares in the last quarter. EMC Capital Management lifted its stake in 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 last quarter. Guidance Capital Inc. bought a new position in shares of TEGNA in the 4th quarter valued at about $476,000. Finally, World Investment Advisors LLC acquired a new position in shares of TEGNA during the 3rd quarter worth about $528,000. 92.19% of the stock is currently owned by institutional investors.

TEGNA Stock Up 1.3 %

Shares of NYSE:TGNA opened at $18.17 on Friday. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The company has a market capitalization of $2.93 billion, a PE ratio of 6.42 and a beta of 0.52. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The company has a fifty day moving average of $18.16 and a 200-day moving average of $16.88.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be issued a dividend of $0.125 per share. The ex-dividend date is Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.75%. TEGNA’s dividend payout ratio (DPR) is presently 17.67%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TGNA shares. JPMorgan Chase & Co. boosted their target price on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. StockNews.com downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a report on Friday. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $21.00 to $23.00 in a research note on Thursday, December 19th. Benchmark lifted their target price on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.75.

About TEGNA

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.