TEGNA Inc. (NYSE:TGNA) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its position in TEGNA Inc. (NYSE:TGNA) by 5.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,905,588 shares of the company’s stock after acquiring an additional 238,696 shares during the period. Geode Capital Management LLC owned about 3.04% of TEGNA worth $77,422,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. acquired a new position in TEGNA in the 3rd quarter worth about $28,000. Headlands Technologies LLC lifted its position in shares of TEGNA by 48.2% during the 2nd 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 in the last quarter. Quarry LP lifted its position in shares of TEGNA by 455.2% during the 3rd quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after buying an additional 3,300 shares in the last quarter. US Bancorp DE grew its stake in TEGNA by 20.4% in the 3rd 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 period. Finally, Innealta Capital LLC purchased a new stake in TEGNA in the 2nd quarter worth $116,000. 92.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

TEGNA Stock Performance

NYSE:TGNA opened at $18.40 on Friday. The company has a market cap of $2.96 billion, a P/E ratio of 6.50 and a beta of 0.52. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The company’s 50-day moving average price is $17.77 and its 200-day moving average price is $15.61. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA (NYSE:TGNA) last released its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. The business had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business’s revenue was up 13.1% on a year-over-year basis. During the same period last year, the company posted $0.39 EPS. On average, sell-side analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.72%. The ex-dividend date is Friday, December 6th. TEGNA’s payout ratio is currently 17.67%.

Insiders Place Their Bets

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now directly owns 154,617 shares in the company, valued at $2,535,718.80. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.88% of the company’s stock.

TEGNA Company 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.