TEGNA Inc. (NYSE:TGNA) Short Interest Update

TEGNA Inc. (NYSE:TGNA) was the target of a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 9,105,295 shares, a decline of 12.7% from the December 31st total of 10,435,495 shares. Based on an average trading volume of 1,324,741 shares, the days-to-cover ratio is presently 6.9 days. Approximately 5.7% of the company’s shares are sold short. Approximately 5.7% of the company’s shares are sold short. Based on an average trading volume of 1,324,741 shares, the days-to-cover ratio is presently 6.9 days.

TEGNA Stock Up 0.2%

TGNA stock opened at $19.21 on Tuesday. The stock’s 50 day simple moving average is $19.27 and its 200 day simple moving average is $19.56. The company has a market cap of $3.09 billion, a P/E ratio of 9.06 and a beta of 0.15. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.22 and a current ratio of 2.22. TEGNA has a fifty-two week low of $14.87 and a fifty-two week high of $21.35.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, November 10th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The company had revenue of $650.79 million for the quarter, compared to analyst estimates of $658.28 million. During the same quarter last year, the firm posted $0.94 EPS. TEGNA’s revenue for the quarter was down 19.3% on a year-over-year basis. On average, research analysts expect that TEGNA will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, December 5th. TEGNA’s dividend payout ratio is currently 23.58%.

Analyst Ratings Changes

A number of research analysts have commented on TGNA shares. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. Finally, Zacks Research raised shares of TEGNA from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.75.

Hedge Funds Weigh In On TEGNA

Several hedge funds have recently made changes to their positions in the business. Hillsdale Investment Management Inc. raised its position in TEGNA by 33.6% in the second quarter. Hillsdale Investment Management Inc. now owns 317,500 shares of the company’s stock worth $5,321,000 after acquiring an additional 79,900 shares during the period. Neuberger Berman Group LLC increased its stake in shares of TEGNA by 60.4% in the second quarter. Neuberger Berman Group LLC now owns 37,414 shares of the company’s stock worth $627,000 after purchasing an additional 14,094 shares in the last quarter. Brandywine Global Investment Management LLC increased its stake in TEGNA by 20.5% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 702,453 shares of the company’s stock worth $11,773,000 after buying an additional 119,690 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of TEGNA during the second quarter worth about $5,504,000. Finally, Calamos Advisors LLC purchased a new stake in TEGNA during the 3rd quarter valued at approximately $23,298,000. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Company Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.