Yakira Capital Management Inc. Invests $656,000 in TEGNA Inc. $TGNA

Yakira Capital Management Inc. bought a new position in TEGNA Inc. (NYSE:TGNA) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 32,267 shares of the company’s stock, valued at approximately $656,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. increased its stake in TEGNA by 33.6% during the second quarter. Hillsdale Investment Management Inc. now owns 317,500 shares of the company’s stock worth $5,321,000 after acquiring an additional 79,900 shares during the last quarter. New York Life Investment Management LLC acquired a new position in shares of TEGNA in the 3rd quarter valued at about $6,936,000. Neuberger Berman Group LLC lifted its stake in shares of TEGNA by 60.4% in the 2nd quarter. Neuberger Berman Group LLC now owns 37,414 shares of the company’s stock valued at $627,000 after purchasing an additional 14,094 shares in the last quarter. Brandywine Global Investment Management LLC grew its holdings in shares of TEGNA by 20.5% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 702,453 shares of the company’s stock worth $11,773,000 after purchasing an additional 119,690 shares during the period. Finally, Lee Danner & Bass Inc. grew its holdings in shares of TEGNA by 25.7% during the 3rd quarter. Lee Danner & Bass Inc. now owns 334,815 shares of the company’s stock worth $6,807,000 after purchasing an additional 68,520 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Price Performance

Shares of NYSE TGNA opened at $20.66 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.28 and a quick ratio of 2.28. TEGNA Inc. has a 1-year low of $14.87 and a 1-year high of $21.35. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 15.30 and a beta of 0.12. The business has a 50-day moving average of $19.79 and a 200-day moving average of $20.02.

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

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be given a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 annualized dividend and a yield of 2.4%. TEGNA’s dividend payout ratio (DPR) is 37.04%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. Zacks Research upgraded shares of TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.75.

TEGNA Company 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.