TEGNA Inc. (NYSE:TGNA) Shares Sold by Legato Capital Management LLC

Legato Capital Management LLC cut its stake in shares of TEGNA Inc. (NYSE:TGNA) by 8.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,197 shares of the company’s stock after selling 7,169 shares during the period. Legato Capital Management LLC’s holdings in TEGNA were worth $1,430,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new stake in shares of TEGNA in the 3rd quarter valued at approximately $28,000. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 757 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in shares of TEGNA in the fourth quarter valued at $57,000. Quarry LP boosted its position in shares of TEGNA by 455.2% in the third quarter. Quarry LP now owns 4,025 shares of the company’s stock worth $64,000 after buying an additional 3,300 shares during the period. Finally, US Bancorp DE grew its holdings in shares of TEGNA by 20.4% during the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after buying an additional 764 shares in the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Price Performance

Shares of TGNA opened at $18.13 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The firm has a market cap of $2.92 billion, a PE ratio of 6.41 and a beta of 0.52. The firm’s 50 day moving average price is $18.31 and its 200 day moving average price is $16.68. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Friday, March 7th. TEGNA’s payout ratio is presently 17.67%.

Analyst Upgrades and Downgrades

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