Lee Danner & Bass Inc. Trims Stake in TEGNA Inc. (NYSE:TGNA)

Lee Danner & Bass Inc. lowered its position in TEGNA Inc. (NYSE:TGNA) by 4.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 286,945 shares of the company’s stock after selling 13,925 shares during the quarter. Lee Danner & Bass Inc. owned about 0.18% of TEGNA worth $5,228,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Tower Research Capital LLC TRC grew its holdings in shares of TEGNA by 80.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company’s stock worth $31,000 after purchasing an additional 749 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in TEGNA by 95.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after acquiring an additional 832 shares in the last quarter. Blue Trust Inc. grew its holdings in TEGNA by 26.0% during the 1st quarter. Blue Trust Inc. now owns 4,227 shares of the company’s stock worth $77,000 after acquiring an additional 873 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in TEGNA by 4.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company’s stock worth $424,000 after acquiring an additional 910 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in TEGNA by 53.3% during the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company’s stock worth $57,000 after acquiring an additional 1,088 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Performance

Shares of TEGNA stock opened at $17.24 on Friday. The firm has a market capitalization of $2.77 billion, a P/E ratio of 6.07 and a beta of 0.30. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average price of $16.77 and a 200 day moving average price of $17.39. TEGNA Inc. has a 52 week low of $13.37 and a 52 week high of $19.62.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.34 by $0.03. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. The firm had revenue of $680.05 million during the quarter, compared to analyst estimates of $677.24 million. During the same period last year, the firm posted $0.45 EPS. TEGNA’s revenue was down 4.8% on a year-over-year basis. Sell-side analysts expect that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Friday, June 6th. TEGNA’s dividend payout ratio is presently 17.61%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Guggenheim dropped their target price on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday. Benchmark lowered their price target on shares of TEGNA from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company lowered their price target on shares of TEGNA from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of TEGNA from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

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.