Empowered Funds LLC Sells 40,055 Shares of TEGNA Inc. (NYSE:TGNA)

Empowered Funds LLC lowered its position in TEGNA Inc. (NYSE:TGNA) by 6.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 622,362 shares of the company’s stock after selling 40,055 shares during the period. Empowered Funds LLC’s holdings in TEGNA were worth $11,383,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Sanctuary Advisors LLC bought a new position in TEGNA during the 2nd quarter worth about $227,000. SG Americas Securities LLC bought a new position in TEGNA during the 3rd quarter worth about $626,000. CWM LLC increased its holdings in TEGNA by 1,293.2% during the 3rd quarter. CWM LLC now owns 64,283 shares of the company’s stock worth $1,014,000 after purchasing an additional 59,669 shares in the last quarter. Creative Planning increased its holdings in TEGNA by 10.8% during the 3rd quarter. Creative Planning now owns 53,240 shares of the company’s stock worth $840,000 after purchasing an additional 5,192 shares in the last quarter. Finally, AlphaMark Advisors LLC bought a new position in TEGNA during the 3rd quarter worth about $373,000. Institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

TGNA has been the subject of a number of research reports. Benchmark increased their target price on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. Guggenheim restated a “buy” rating and set a $22.00 price objective on shares of TEGNA in a research note on Friday, January 24th. JPMorgan Chase & Co. increased their price objective on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. Finally, StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Trading Up 0.2 %

TEGNA stock opened at $18.17 on Friday. The firm has a 50-day moving average of $18.34 and a 200-day moving average of $16.62. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 6.42 and a beta of 0.52.

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

TEGNA Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $0.125 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.50 annualized dividend and a yield of 2.75%. TEGNA’s dividend payout ratio (DPR) is currently 17.67%.

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.