Gabelli Funds LLC Sells 144,050 Shares of TEGNA Inc. (NYSE:TGNA)

Gabelli Funds LLC reduced its position in shares of TEGNA Inc. (NYSE:TGNA) by 11.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,096,075 shares of the company’s stock after selling 144,050 shares during the quarter. Gabelli Funds LLC owned 0.68% of TEGNA worth $20,047,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of TEGNA during the fourth quarter valued at approximately $12,170,000. Schroder Investment Management Group purchased a new stake in TEGNA during the 4th quarter valued at $4,429,000. Geode Capital Management LLC boosted its stake in TEGNA by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock valued at $77,422,000 after purchasing an additional 238,696 shares during the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of TEGNA by 13,258.8% in the 4th quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company’s stock worth $4,154,000 after purchasing an additional 225,400 shares in the last quarter. Finally, Bridgewater Associates LP raised its stake in shares of TEGNA by 77.5% in the fourth quarter. Bridgewater Associates LP now owns 488,006 shares of the company’s stock worth $8,926,000 after purchasing an additional 213,097 shares during the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Stock Up 1.9 %

TEGNA stock opened at $16.15 on Wednesday. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The stock has a fifty day moving average of $17.62 and a 200 day moving average of $17.68. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The stock has a market cap of $2.59 billion, a PE ratio of 5.70 and a beta of 0.25.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, March 7th. TEGNA’s payout ratio is currently 14.12%.

Wall Street Analysts Forecast Growth

TGNA has been the topic of several recent analyst reports. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. Guggenheim dropped their price target on shares of TEGNA from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, StockNews.com cut shares of TEGNA from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, TEGNA currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.25.

About TEGNA

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.