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

KLP Kapitalforvaltning AS bought a new position in shares of TEGNA Inc. (NYSE:TGNA) in the fourth quarter, Holdings Channel reports. The institutional investor bought 92,000 shares of the company’s stock, valued at approximately $1,692,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. AXQ Capital LP acquired a new stake in shares of TEGNA during the fourth quarter worth approximately $238,000. Hillsdale Investment Management Inc. increased its holdings in TEGNA by 13,258.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company’s stock valued at $4,154,000 after purchasing an additional 225,400 shares in the last quarter. Quantbot Technologies LP raised its position in TEGNA by 288.0% in the 4th quarter. Quantbot Technologies LP now owns 32,783 shares of the company’s stock valued at $600,000 after purchasing an additional 24,333 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in TEGNA by 84.8% in the fourth quarter. Teacher Retirement System of Texas now owns 205,660 shares of the company’s stock worth $3,762,000 after purchasing an additional 94,356 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of TEGNA during the fourth quarter worth $445,000. 92.19% of the stock is owned by institutional investors.

TEGNA Stock Performance

Shares of NYSE:TGNA opened at $18.10 on Friday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $19.62. The stock has a market capitalization of $2.89 billion, a P/E ratio of 6.39 and a beta of 0.45. The business has a 50-day moving average price of $18.03 and a two-hundred day moving average price of $17.50.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors 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 annualized dividend and a yield of 2.76%. TEGNA’s dividend payout ratio is currently 14.12%.

Analyst Ratings Changes

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

About TEGNA

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.