KLP Kapitalforvaltning AS Takes Position in TEGNA Inc. (NYSE:TGNA)

KLP Kapitalforvaltning AS acquired a new position in shares of TEGNA Inc. (NYSE:TGNA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 92,000 shares of the company’s stock, valued at approximately $1,692,000. KLP Kapitalforvaltning AS owned 0.06% of TEGNA at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp bought a new position in TEGNA in the 4th quarter worth approximately $27,000. Smartleaf Asset Management LLC grew its stake in shares of TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after acquiring an additional 832 shares during the last quarter. GAMMA Investing LLC increased its position in TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after acquiring an additional 757 shares during the period. Sound Income Strategies LLC acquired a new position in TEGNA during the 4th quarter valued at $57,000. Finally, Quarry LP boosted its holdings in TEGNA by 455.2% in the 3rd quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after purchasing an additional 3,300 shares during the period. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Price Performance

Shares of TEGNA stock opened at $18.10 on Friday. The firm has a market cap of $2.89 billion, a P/E ratio of 6.39 and a beta of 0.45. The firm’s 50-day simple moving average is $18.03 and its 200-day simple moving average is $17.50. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.50 annualized dividend and a dividend yield of 2.76%. TEGNA’s dividend payout ratio is currently 14.12%.

Wall Street Analysts Forecast Growth

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

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.