Short Interest in TEGNA Inc. (NYSE:TGNA) Rises By 16.9%

TEGNA Inc. (NYSE:TGNA) saw a significant growth in short interest in February. As of February 27th, there was short interest totaling 9,544,684 shares, a growth of 16.9% from the February 12th total of 8,167,111 shares. Based on an average daily volume of 1,533,016 shares, the short-interest ratio is presently 6.2 days. Approximately 5.9% of the shares of the stock are sold short. Approximately 5.9% of the shares of the stock are sold short. Based on an average daily volume of 1,533,016 shares, the short-interest ratio is presently 6.2 days.

TEGNA Stock Up 0.1%

Shares of NYSE:TGNA opened at $20.49 on Tuesday. The stock has a 50-day simple moving average of $19.93 and a 200-day simple moving average of $19.99. The stock has a market capitalization of $3.32 billion, a P/E ratio of 15.18 and a beta of 0.12. TEGNA has a 1 year low of $14.87 and a 1 year high of $21.35. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.28 and a current ratio of 2.28.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.05. TEGNA had a net margin of 8.11% and a return on equity of 8.60%. The company had revenue of $706.11 million during the quarter, compared to analyst estimates of $701.29 million. During the same quarter in the prior year, the business earned $1.21 earnings per share. The business’s quarterly revenue was down 18.9% compared to the same quarter last year. Equities analysts forecast that TEGNA will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, March 10th. TEGNA’s payout ratio is currently 37.04%.

Analysts Set New Price Targets

TGNA has been the subject of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. Zacks Research upgraded TEGNA from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.75.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. FIL Ltd increased its stake in TEGNA by 4.7% during the 4th quarter. FIL Ltd now owns 6,442,271 shares of the company’s stock worth $125,044,000 after buying an additional 287,271 shares during the period. State Street Corp increased its position in shares of TEGNA by 0.3% during the fourth quarter. State Street Corp now owns 6,376,851 shares of the company’s stock worth $124,564,000 after acquiring an additional 17,255 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of TEGNA by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 5,064,389 shares of the company’s stock worth $98,311,000 after acquiring an additional 24,743 shares in the last quarter. Magnetar Financial LLC lifted its stake in shares of TEGNA by 5.2% in the fourth quarter. Magnetar Financial LLC now owns 4,355,886 shares of the company’s stock worth $84,548,000 after acquiring an additional 215,705 shares in the last quarter. Finally, Wasatch Advisors LP boosted its holdings in TEGNA by 5,517.6% in the second quarter. Wasatch Advisors LP now owns 3,242,220 shares of the company’s stock valued at $54,340,000 after purchasing an additional 3,184,505 shares during the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.