Gamco Investors INC. ET AL Sells 136,576 Shares of TEGNA Inc. $TGNA

Gamco Investors INC. ET AL lowered its position in shares of TEGNA Inc. (NYSE:TGNA) by 5.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,273,952 shares of the company’s stock after selling 136,576 shares during the quarter. Gamco Investors INC. ET AL owned about 1.41% of TEGNA worth $46,229,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in TEGNA by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,008,137 shares of the company’s stock valued at $83,944,000 after purchasing an additional 82,140 shares during the period. Wasatch Advisors LP increased its holdings in shares of TEGNA by 5,517.6% during the second quarter. Wasatch Advisors LP now owns 3,242,220 shares of the company’s stock worth $54,340,000 after purchasing an additional 3,184,505 shares during the period. Boston Partners raised its position in shares of TEGNA by 1.3% in the second quarter. Boston Partners now owns 2,399,319 shares of the company’s stock valued at $40,050,000 after buying an additional 30,229 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of TEGNA by 0.9% in the second quarter. Bridgeway Capital Management LLC now owns 1,370,774 shares of the company’s stock valued at $22,974,000 after buying an additional 12,732 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of TEGNA by 118.9% in the third quarter. Allianz Asset Management GmbH now owns 1,154,818 shares of the company’s stock valued at $23,477,000 after buying an additional 627,252 shares during the period. Institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TGNA. Zacks Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.75.

TEGNA Stock Performance

NYSE:TGNA opened at $20.66 on Friday. The stock’s 50-day simple moving average is $19.79 and its 200 day simple moving average is $20.03. The firm has a market capitalization of $3.35 billion, a PE ratio of 15.30 and a beta of 0.12. The company has a quick ratio of 2.22, a current ratio of 2.28 and a debt-to-equity ratio of 0.80. TEGNA Inc. has a twelve month low of $14.87 and a twelve month high of $21.35.

TEGNA (NYSE:TGNA) last released its earnings results on Monday, March 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. The firm had revenue of $706.11 million for the quarter, compared to analysts’ expectations of $701.29 million. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The business’s revenue for the quarter was down 18.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.21 earnings per share. On average, analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

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

TEGNA Profile

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.