Cresset Asset Management LLC Acquires 36,614 Shares of TEGNA Inc. $TGNA

Cresset Asset Management LLC raised its holdings in TEGNA Inc. (NYSE:TGNA) by 57.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 100,690 shares of the company’s stock after acquiring an additional 36,614 shares during the quarter. Cresset Asset Management LLC’s holdings in TEGNA were worth $1,700,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of TEGNA in the 2nd quarter valued at $38,000. Caitong International Asset Management Co. Ltd grew its holdings in TEGNA by 1,018.3% in 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 period. TD Private Client Wealth LLC grew its holdings in TEGNA by 13,896.4% in the second quarter. TD Private Client Wealth LLC now owns 3,919 shares of the company’s stock worth $66,000 after purchasing an additional 3,891 shares during the period. EverSource Wealth Advisors LLC increased its stake in TEGNA by 81.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,963 shares of the company’s stock valued at $66,000 after purchasing an additional 1,781 shares in the last quarter. Finally, Amundi raised its holdings in shares of TEGNA by 1,507.5% during the first quarter. Amundi now owns 4,067 shares of the company’s stock valued at $74,000 after purchasing an additional 3,814 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Stock Up 0.7%

Shares of NYSE:TGNA opened at $19.55 on Wednesday. The business’s 50 day moving average is $19.84 and its 200 day moving average is $18.90. TEGNA Inc. has a 12-month low of $14.87 and a 12-month high of $21.35. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 9.22 and a beta of 0.12. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.81.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The company had revenue of $650.79 million during the quarter, compared to analysts’ expectations of $658.28 million. TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The company’s quarterly revenue was down 19.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 earnings per share. On average, sell-side analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently commented on TGNA shares. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Zacks Research cut TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Guggenheim reaffirmed a “neutral” rating and set a $19.00 target price on shares of TEGNA in a research report on Friday, August 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a report on Monday. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, TEGNA has an average rating of “Hold” and an average price target of $19.75.

TEGNA 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.