Muhlenkamp & Co. Inc. Boosts Stake in TEGNA Inc. (NYSE:TGNA)

Muhlenkamp & Co. Inc. raised its stake in shares of TEGNA Inc. (NYSE:TGNA) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 691,332 shares of the company’s stock after purchasing an additional 1,796 shares during the period. TEGNA accounts for 3.8% of Muhlenkamp & Co. Inc.’s holdings, making the stock its 11th biggest position. Muhlenkamp & Co. Inc.’s holdings in TEGNA were worth $12,644,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Invesco Ltd. increased its stake in shares of TEGNA by 14.6% in the fourth quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock worth $15,841,000 after purchasing an additional 110,646 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of TEGNA by 5.4% in the fourth quarter. Bank of Montreal Can now owns 33,424 shares of the company’s stock worth $611,000 after acquiring an additional 1,706 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of TEGNA in the fourth quarter worth about $32,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of TEGNA during the fourth quarter worth about $324,000. Finally, Wells Fargo & Company MN raised its stake in TEGNA by 9.5% during the 4th quarter. Wells Fargo & Company MN now owns 223,654 shares of the company’s stock valued at $4,091,000 after purchasing an additional 19,453 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TGNA. Wells Fargo & Company raised shares of 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. Guggenheim reaffirmed a “buy” rating and set a $22.00 target price on shares of TEGNA in a research note on Friday, January 24th. Finally, StockNews.com cut shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Price Performance

TEGNA stock opened at $15.69 on Tuesday. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm’s fifty day moving average is $17.96 and its 200 day moving average is $17.66. The company has a market cap of $2.51 billion, a price-to-earnings ratio of 5.54 and a beta of 0.25.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Friday, March 7th. TEGNA’s dividend payout ratio is 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.