Brandywine Global Investment Management LLC Sells 7,692 Shares of TEGNA Inc. (NYSE:TGNA)

Brandywine Global Investment Management LLC reduced its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 592,344 shares of the company’s stock after selling 7,692 shares during the quarter. Brandywine Global Investment Management LLC owned 0.37% of TEGNA worth $10,834,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Schroder Investment Management Group bought a new position in shares of TEGNA in the fourth quarter worth about $4,429,000. Pictet Asset Management Holding SA lifted its stake in TEGNA by 4.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company’s stock valued at $424,000 after purchasing an additional 910 shares during the last quarter. Norges Bank acquired a new stake in TEGNA in the fourth quarter valued at approximately $12,170,000. JPMorgan Chase & Co. grew its stake in shares of TEGNA by 49.5% during the fourth quarter. JPMorgan Chase & Co. now owns 425,565 shares of the company’s stock worth $7,784,000 after buying an additional 140,987 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co acquired a new position in shares of TEGNA during the fourth quarter worth $206,000. 92.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

TEGNA Stock Performance

Shares of TGNA stock opened at $18.26 on Tuesday. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The business’s 50 day simple moving average is $18.04 and its 200 day simple moving average is $17.58. The stock has a market capitalization of $2.92 billion, a PE ratio of 6.45 and a beta of 0.45. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be issued a dividend of $0.125 per share. The ex-dividend date is Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 2.74%. TEGNA’s payout ratio is currently 14.12%.

TEGNA Company 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.