Empowered Funds LLC Has $11.38 Million Stock Position in TEGNA Inc. (NYSE:TGNA)

Empowered Funds LLC trimmed its stake in shares of TEGNA Inc. (NYSE:TGNA) by 6.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 622,362 shares of the company’s stock after selling 40,055 shares during the quarter. Empowered Funds LLC owned 0.39% of TEGNA worth $11,383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in TGNA. Harbor Capital Advisors Inc. bought a new position in shares of TEGNA in the third quarter valued at approximately $28,000. GAMMA Investing LLC raised its stake in shares of TEGNA by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after acquiring an additional 757 shares during the last quarter. Sound Income Strategies LLC bought a new position in shares of TEGNA in the fourth quarter valued at approximately $57,000. Quarry LP raised its stake in shares of TEGNA by 455.2% in the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after acquiring an additional 3,300 shares during the last quarter. Finally, US Bancorp DE raised its stake in shares of TEGNA by 20.4% in the third 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 last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

TEGNA Stock Performance

TGNA stock opened at $18.17 on Friday. 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 50 day moving average price of $18.34 and a 200 day moving average price of $16.62. TEGNA Inc. has a fifty-two week low of $12.35 and a fifty-two week high of $19.62. The stock has a market capitalization of $2.93 billion, a PE ratio of 6.42 and a beta of 0.52.

TEGNA (NYSE:TGNA) last released its earnings results on Thursday, November 7th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. The firm had revenue of $806.83 million during 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 quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 EPS. Analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Guggenheim reiterated a “buy” rating and issued a $22.00 target price on shares of TEGNA in a research note on Friday, January 24th. Benchmark boosted their price objective on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Wells Fargo & Company upgraded shares of 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 report on Thursday, December 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.75.

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.