AlphaQuest LLC Sells 76,366 Shares of TEGNA Inc. $TGNA

AlphaQuest LLC cut its stake in shares of TEGNA Inc. (NYSE:TGNA) by 83.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,294 shares of the company’s stock after selling 76,366 shares during the quarter. AlphaQuest LLC’s holdings in TEGNA were worth $311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in TGNA. Arizona State Retirement System raised its position in shares of TEGNA by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 47,560 shares of the company’s stock valued at $967,000 after buying an additional 657 shares in the last quarter. 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. Vanguard Personalized Indexing Management LLC lifted its stake in TEGNA by 13.8% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 31,810 shares of the company’s stock worth $647,000 after purchasing an additional 3,858 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of TEGNA by 2.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 79,815 shares of the company’s stock worth $1,623,000 after purchasing an additional 1,834 shares in the last quarter. Finally, Strs Ohio increased its position in shares of TEGNA by 108.1% during the 3rd quarter. Strs Ohio now owns 53,900 shares of the company’s stock valued at $1,096,000 after purchasing an additional 28,000 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

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

TEGNA Price Performance

Shares of TEGNA stock opened at $19.08 on Monday. 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 one year low of $14.87 and a one year high of $21.35. The business’s 50 day simple moving average is $19.22 and its two-hundred day simple moving average is $19.62. The stock has a market capitalization of $3.07 billion, a P/E ratio of 9.00 and a beta of 0.15.

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