GAMMA Investing LLC Acquires 757 Shares of TEGNA Inc. (NYSE:TGNA)

GAMMA Investing LLC grew its stake in TEGNA Inc. (NYSE:TGNA) by 59.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,040 shares of the company’s stock after buying an additional 757 shares during the quarter. GAMMA Investing LLC’s holdings in TEGNA were worth $37,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE lifted its stake in TEGNA by 20.4% in the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after acquiring an additional 764 shares during the last quarter. Sanctuary Advisors LLC increased its position in TEGNA by 7.4% during the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock worth $284,000 after acquiring an additional 1,239 shares during the period. Texas Permanent School Fund Corp boosted its stake in shares of TEGNA by 0.8% in the second quarter. Texas Permanent School Fund Corp now owns 173,408 shares of the company’s stock valued at $2,417,000 after buying an additional 1,341 shares during the period. Headlands Technologies LLC boosted its stake in shares of TEGNA by 48.2% in the second quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock valued at $63,000 after buying an additional 1,470 shares during the period. Finally, Covestor Ltd grew its position in TEGNA by 20.8% during the third quarter. Covestor Ltd now owns 8,852 shares of the company’s stock worth $140,000 after buying an additional 1,525 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

Insiders Place Their Bets

In related news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the transaction, the chief operating officer now owns 154,617 shares in the company, valued at $2,535,718.80. The trade was a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.88% of the company’s stock.

TEGNA Stock Up 1.7 %

Shares of NYSE:TGNA opened at $18.28 on Wednesday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The business’s 50 day simple moving average is $18.41 and its two-hundred day simple moving average is $16.19. The firm has a market cap of $2.95 billion, a P/E ratio of 6.46 and a beta of 0.52.

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

TEGNA Dividend Announcement

The company 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 annualized dividend and a yield of 2.74%. The ex-dividend date was Friday, December 6th. TEGNA’s dividend payout ratio (DPR) is currently 17.67%.

Analyst Ratings Changes

TGNA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $21.00 to $23.00 in a report on Thursday, December 19th. StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Finally, Benchmark raised their price target on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th.

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.