Ontario Teachers Pension Plan Board Sells 26,066 Shares of TEGNA Inc. (NYSE:TGNA)

Ontario Teachers Pension Plan Board trimmed its holdings in TEGNA Inc. (NYSE:TGNA) by 23.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 83,180 shares of the company’s stock after selling 26,066 shares during the period. Ontario Teachers Pension Plan Board owned 0.05% of TEGNA worth $1,521,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TGNA. Geode Capital Management LLC lifted its stake in shares of TEGNA by 5.1% in 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. Charles Schwab Investment Management Inc. raised its holdings in TEGNA by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company’s stock valued at $34,260,000 after buying an additional 93,894 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of TEGNA by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 911,617 shares of the company’s stock worth $16,673,000 after buying an additional 20,129 shares during the last quarter. Invesco Ltd. boosted its stake in shares of TEGNA by 14.6% during the 4th quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock worth $15,841,000 after acquiring an additional 110,646 shares in the last quarter. Finally, Capital Management Corp VA increased its holdings in shares of TEGNA by 4.8% during the 4th quarter. Capital Management Corp VA now owns 760,590 shares of the company’s stock valued at $13,911,000 after acquiring an additional 34,785 shares during the last quarter. 92.19% of the stock is owned by institutional investors.

TEGNA Stock Performance

Shares of NYSE TGNA opened at $16.15 on Wednesday. TEGNA Inc. has a 12 month low of $12.35 and a 12 month 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. The company has a market cap of $2.59 billion, a P/E ratio of 5.70 and a beta of 0.25. The business’s 50 day moving average is $17.62 and its two-hundred day moving average is $17.68.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Friday, March 7th. TEGNA’s dividend payout ratio (DPR) is currently 14.12%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TGNA shares. Guggenheim reduced their target price on TEGNA from $22.00 to $20.00 and set a “buy” rating for the company in a report on Friday, April 11th. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $21.00 to $23.00 in a research note on Thursday, December 19th. Finally, StockNews.com downgraded 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’s stock. Based on data from MarketBeat.com, TEGNA currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.25.

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.