VIRGINIA RETIREMENT SYSTEMS ET Al Sells 122,040 Shares of TEGNA Inc. $TGNA

VIRGINIA RETIREMENT SYSTEMS ET Al lowered its holdings in TEGNA Inc. (NYSE:TGNA) by 87.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 17,879 shares of the company’s stock after selling 122,040 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in TEGNA were worth $363,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of TEGNA during the second quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd increased its position in TEGNA by 1,018.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,997 shares of the company’s stock valued at $50,000 after purchasing an additional 2,729 shares during the period. TD Private Client Wealth LLC raised its holdings in TEGNA by 13,896.4% in the 2nd 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 in the last quarter. EverSource Wealth Advisors LLC raised its holdings in TEGNA by 81.6% in the 2nd 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 in the last quarter. Finally, Amundi lifted its position in shares of TEGNA by 1,507.5% in the 1st quarter. Amundi now owns 4,067 shares of the company’s stock worth $74,000 after purchasing an additional 3,814 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Trading Up 0.2%

NYSE:TGNA opened at $19.34 on Tuesday. The firm has a market capitalization of $3.11 billion, a P/E ratio of 9.12 and a beta of 0.13. 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 company’s 50-day simple moving average is $19.62 and its 200 day simple moving average is $19.28.

TEGNA (NYSE:TGNA) last released 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 net margin of 11.97% and a return on equity of 12.50%. The business had revenue of $650.79 million for the quarter, compared to analysts’ expectations of $658.28 million. During the same quarter in the previous year, the business posted $0.94 earnings per share. TEGNA’s revenue for the quarter was down 19.3% on a year-over-year basis. As a group, analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. Zacks Research lowered TEGNA from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Finally, Wells Fargo & Company cut TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, TEGNA currently has an average rating of “Hold” and an average target price of $19.75.

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.