Gabelli Funds LLC Has $29.44 Million Position in TEGNA Inc. (NYSE:TGNA)

Gabelli Funds LLC lifted its position in shares of TEGNA Inc. (NYSE:TGNA) by 6.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,812,854 shares of the company’s stock after buying an additional 107,883 shares during the period. Gabelli Funds LLC owned about 0.90% of TEGNA worth $29,441,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Belpointe Asset Management LLC boosted its position in TEGNA by 189.5% during the first quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock valued at $25,000 after purchasing an additional 955 shares during the last quarter. Ellevest Inc. boosted its position in TEGNA by 641.1% during the first quarter. Ellevest Inc. now owns 1,549 shares of the company’s stock valued at $26,000 after purchasing an additional 1,340 shares during the last quarter. Signaturefd LLC boosted its position in TEGNA by 179.8% during the first quarter. Signaturefd LLC now owns 1,690 shares of the company’s stock valued at $29,000 after purchasing an additional 1,086 shares during the last quarter. Headlands Technologies LLC acquired a new position in TEGNA during the second quarter valued at approximately $40,000. Finally, Fifth Third Bancorp boosted its position in TEGNA by 103.3% during the second quarter. Fifth Third Bancorp now owns 2,690 shares of the company’s stock valued at $44,000 after purchasing an additional 1,367 shares during the last quarter. 89.99% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at TEGNA

In other news, COO Lynn B. Trelstad sold 30,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $16.57, for a total transaction of $497,100.00. Following the transaction, the chief operating officer now owns 181,881 shares in the company, valued at $3,013,768.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is owned by corporate insiders.

TEGNA Stock Performance

Shares of TGNA traded up $0.02 during mid-day trading on Friday, reaching $15.80. The company’s stock had a trading volume of 2,508,032 shares, compared to its average volume of 2,108,333. TEGNA Inc. has a 1-year low of $13.65 and a 1-year high of $22.29. The stock has a market cap of $3.11 billion, a P/E ratio of 5.58 and a beta of 0.64. The business has a 50-day simple moving average of $14.82 and a two-hundred day simple moving average of $15.76. The company has a current ratio of 3.47, a quick ratio of 3.47 and a debt-to-equity ratio of 1.04.

TEGNA Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be paid a dividend of $0.114 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.89%. This is a positive change from TEGNA’s previous quarterly dividend of $0.11. TEGNA’s dividend payout ratio (DPR) is 15.90%.

Analyst Upgrades and Downgrades

TGNA has been the subject of several recent research reports. Wells Fargo & Company reduced their price target on TEGNA from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $22.00 price objective on shares of TEGNA in a research report on Monday, October 30th. Finally, StockNews.com started coverage on TEGNA in a research report on Thursday, October 5th. They issued a “hold” rating for the company.

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.