Capital Management Corp VA Cuts Stock Holdings in TEGNA Inc. $TGNA

Capital Management Corp VA reduced its stake in TEGNA Inc. (NYSE:TGNA) by 90.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,495 shares of the company’s stock after selling 829,325 shares during the quarter. Capital Management Corp VA owned about 0.06% of TEGNA worth $1,860,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Financial Consulate Inc. purchased a new stake in shares of TEGNA during the 3rd quarter valued at $29,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in TEGNA in the second quarter valued at $38,000. Federated Hermes Inc. raised its position in TEGNA by 85.4% during the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after purchasing an additional 853 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in TEGNA by 1,018.3% during the second quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock worth $50,000 after purchasing an additional 2,729 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in TEGNA by 81.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,963 shares of the company’s stock worth $66,000 after purchasing an additional 1,781 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TGNA has been the topic of a number of research reports. Zacks Research raised TEGNA from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. Finally, Wells Fargo & Company downgraded shares of TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $19.75.

TEGNA Price Performance

TGNA opened at $19.15 on Friday. The stock’s 50 day simple moving average is $19.27 and its 200 day simple moving average is $19.53. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.22 and a quick ratio of 2.22. TEGNA Inc. has a 1 year low of $14.87 and a 1 year high of $21.35. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 9.03 and a beta of 0.13.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Monday, November 10th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.02). TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The company had revenue of $650.79 million during the quarter, compared to the consensus estimate of $658.28 million. During the same quarter in the previous year, the firm posted $0.94 EPS. The business’s revenue for the quarter was down 19.3% compared to the same quarter last year. As a group, analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 5th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.50 annualized dividend and a yield of 2.6%. TEGNA’s dividend payout ratio is presently 23.58%.

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.