Kendall Capital Management Sells 615 Shares of TEGNA Inc. (NYSE:TGNA)

Kendall Capital Management reduced its position in shares of TEGNA Inc. (NYSE:TGNA) by 0.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 66,312 shares of the company’s stock after selling 615 shares during the quarter. Kendall Capital Management’s holdings in TEGNA were worth $1,213,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in shares of TEGNA by 26.2% during the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock valued at $14,068,000 after acquiring an additional 184,845 shares during the last quarter. EMC Capital Management raised its holdings in TEGNA by 648.8% during the 4th quarter. EMC Capital Management now owns 20,346 shares of the company’s stock valued at $372,000 after buying an additional 17,629 shares during the period. Guidance Capital Inc. purchased a new stake in TEGNA during the 4th quarter valued at $476,000. World Investment Advisors LLC purchased a new stake in TEGNA during the 3rd quarter valued at $528,000. Finally, Jennison Associates LLC purchased a new stake in TEGNA during the 4th quarter valued at $550,000. 92.19% of the stock is currently owned by institutional investors.

TEGNA Price Performance

TGNA opened at $17.80 on Friday. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The business’s fifty day simple moving average is $18.06 and its 200-day simple moving average is $17.07. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 6.29 and a beta of 0.45.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Friday, March 7th. TEGNA’s payout ratio is 14.12%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $21.00 to $23.00 in a report on Thursday, December 19th. Guggenheim restated a “buy” rating and set a $22.00 price target on shares of TEGNA in a report on Friday, January 24th. JPMorgan Chase & Co. increased their price target on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Finally, StockNews.com lowered TEGNA from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.75.

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.