Harvest Fund Management Co. Ltd Purchases Shares of 24,331 TEGNA Inc. (NYSE:TGNA)

Harvest Fund Management Co. Ltd purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 24,331 shares of the company’s stock, valued at approximately $445,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TGNA. CIBC Asset Management Inc bought a new position in TEGNA during the 3rd quarter valued at $260,000. Thrivent Financial for Lutherans boosted its stake in TEGNA by 217.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 129,912 shares of the company’s stock valued at $2,050,000 after purchasing an additional 88,932 shares in the last quarter. Segall Bryant & Hamill LLC boosted its stake in TEGNA by 0.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 353,586 shares of the company’s stock valued at $5,580,000 after purchasing an additional 2,599 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in TEGNA by 194.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 10,262 shares of the company’s stock valued at $162,000 after purchasing an additional 6,782 shares in the last quarter. Finally, Intech Investment Management LLC boosted its stake in TEGNA by 179.6% during the 3rd quarter. Intech Investment Management LLC now owns 72,661 shares of the company’s stock valued at $1,147,000 after purchasing an additional 46,678 shares in the last quarter. 92.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Guggenheim reaffirmed a “buy” rating and set a $22.00 price target on shares of TEGNA in a research note on Friday, January 24th. StockNews.com lowered TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $21.00 to $23.00 in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Stock Performance

TGNA opened at $18.53 on Friday. The business has a fifty day simple moving average of $17.99 and a 200-day simple moving average of $17.34. The firm has a market cap of $2.96 billion, a PE ratio of 6.55 and a beta of 0.45. TEGNA Inc. has a fifty-two week low of $12.35 and a fifty-two week high of $19.62. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.70%. TEGNA’s payout ratio is currently 14.12%.

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.