Westchester Capital Management LLC Sells 18,640 Shares of TEGNA Inc. (NYSE:TGNA)

Westchester Capital Management LLC cut its stake in TEGNA Inc. (NYSE:TGNA – Get Rating) by 0.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,365,161 shares of the company’s stock after selling 18,640 shares during the period. TEGNA accounts for 1.0% of Westchester Capital Management LLC’s investment portfolio, making the stock its 26th largest holding. Westchester Capital Management LLC owned about 1.06% of TEGNA worth $48,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in TGNA. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of TEGNA by 555,167.0% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 2,554,228 shares of the company’s stock worth $57,215,000 after buying an additional 2,553,768 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of TEGNA by 3,406.0% in the 2nd quarter. Bank of Montreal Can now owns 1,418,442 shares of the company’s stock worth $30,337,000 after purchasing an additional 1,377,984 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of TEGNA by 93.9% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,813,644 shares of the company’s stock worth $59,002,000 after purchasing an additional 1,362,223 shares in the last quarter. Pentwater Capital Management LP lifted its holdings in shares of TEGNA by 17.2% in the 2nd quarter. Pentwater Capital Management LP now owns 8,337,000 shares of the company’s stock worth $174,827,000 after purchasing an additional 1,222,560 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in shares of TEGNA by 164.5% in the 1st quarter. Allianz Asset Management GmbH now owns 1,705,949 shares of the company’s stock worth $38,213,000 after purchasing an additional 1,061,047 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TGNA has been the topic of a number of recent research reports. Guggenheim cut their target price on TEGNA from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, February 28th. Wells Fargo & Company cut their target price on TEGNA from $24.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, February 27th. Finally, StockNews.com lowered TEGNA from a “buy” rating to a “hold” rating in a research report on Saturday, February 11th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $21.00.

TEGNA Trading Down 0.8 %

NYSE TGNA opened at $15.39 on Thursday. The firm has a market capitalization of $3.44 billion, a P/E ratio of 5.48 and a beta of 0.63. The business has a fifty day simple moving average of $19.34 and a 200 day simple moving average of $20.13. TEGNA Inc. has a 12 month low of $15.09 and a 12 month high of $22.74. The company has a current ratio of 3.33, a quick ratio of 3.33 and a debt-to-equity ratio of 1.00.

TEGNA (NYSE:TGNA – Get Rating) last released its quarterly earnings results on Monday, February 27th. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.08. TEGNA had a return on equity of 22.51% and a net margin of 19.23%. The business had revenue of $917.30 million during the quarter, compared to analyst estimates of $944.90 million. During the same period in the prior year, the firm posted $0.57 EPS. TEGNA’s quarterly revenue was up 18.4% compared to the same quarter last year. On average, analysts predict that TEGNA Inc. will post 1.75 EPS for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Friday, March 10th will be given a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Thursday, March 9th. TEGNA’s dividend payout ratio is presently 13.52%.

About TEGNA

(Get Rating)

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.