Goldman Sachs Group Inc. Increases Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Goldman Sachs Group Inc. raised its stake in TEGNA Inc. (NYSE:TGNA) by 26.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,330,866 shares of the company’s stock after purchasing an additional 484,658 shares during the period. Goldman Sachs Group Inc.’s holdings in TEGNA were worth $35,662,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Muhlenkamp & Co. Inc. increased its stake in TEGNA by 106.0% in the third quarter. Muhlenkamp & Co. Inc. now owns 431,541 shares of the company’s stock valued at $6,288,000 after purchasing an additional 222,103 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of TEGNA by 17.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,294,455 shares of the company’s stock worth $157,506,000 after acquiring an additional 1,501,986 shares during the last quarter. Kodai Capital Management LP purchased a new position in shares of TEGNA during the fourth quarter worth approximately $7,477,000. Gamco Investors INC. ET AL grew its position in shares of TEGNA by 6.8% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,056,988 shares of the company’s stock worth $31,472,000 after acquiring an additional 130,960 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in shares of TEGNA during the third quarter worth approximately $540,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TGNA shares. Benchmark lowered their target price on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. JPMorgan Chase & Co. lowered their target price on shares of TEGNA from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, March 1st.

TEGNA Stock Performance

NYSE:TGNA opened at $13.41 on Friday. The firm’s fifty day moving average price is $14.11 and its 200 day moving average price is $14.61. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $17.37. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.53 and a quick ratio of 2.53. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 4.69 and a beta of 0.51.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The firm had revenue of $714.30 million for the quarter, compared to analyst estimates of $718.86 million. During the same period last year, the firm posted $0.47 EPS. TEGNA’s quarterly revenue was down 3.5% on a year-over-year basis. On average, sell-side analysts expect that TEGNA Inc. will post 3.11 EPS for the current year.

TEGNA Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 3.73%. This is a positive change from TEGNA’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Friday, June 7th. TEGNA’s dividend payout ratio (DPR) is 17.48%.

Insider Activity at TEGNA

In other TEGNA news, SVP Clifton A. Mcclelland III sold 54,093 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $15.78, for a total value of $853,587.54. Following the completion of the sale, the senior vice president now owns 42,602 shares of the company’s stock, valued at $672,259.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $13.99, for a total value of $349,750.00. Following the completion of the sale, the chief operating officer now owns 190,474 shares of the company’s stock, valued at $2,664,731.26. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Clifton A. Mcclelland III sold 54,093 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $15.78, for a total value of $853,587.54. Following the completion of the sale, the senior vice president now directly owns 42,602 shares of the company’s stock, valued at approximately $672,259.56. The disclosure for this sale can be found here. Insiders have sold a total of 155,656 shares of company stock worth $2,339,970 in the last three months. Insiders own 0.88% of the company’s stock.

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.