December 4, 2022

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TEGNA Inc. (NYSE:TGNAGet Rating) was the recipient of some unusual options trading on Wednesday. Stock investors bought 4,682 call options on the stock. This represents an increase of approximately 1,238% compared to the average daily volume of 350 call options.

Hedge Funds Weigh In On TEGNA

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of TEGNA by 1.1% in the third quarter. Vanguard Group Inc. now owns 22,886,547 shares of the company’s stock valued at $473,294,000 after purchasing an additional 257,933 shares during the period. Pentwater Capital Management LP raised its position in TEGNA by 17.2% during the second quarter. Pentwater Capital Management LP now owns 8,337,000 shares of the company’s stock worth $174,827,000 after acquiring an additional 1,222,560 shares during the last quarter. TIG Advisors LLC raised its position in TEGNA by 11.4% during the second quarter. TIG Advisors LLC now owns 6,681,615 shares of the company’s stock worth $140,113,000 after acquiring an additional 682,120 shares during the last quarter. Segantii Capital Management Ltd raised its position in TEGNA by 18.3% during the second quarter. Segantii Capital Management Ltd now owns 5,245,400 shares of the company’s stock worth $109,996,000 after acquiring an additional 811,961 shares during the last quarter. Finally, Water Island Capital LLC grew its holdings in shares of TEGNA by 22.6% during the third quarter. Water Island Capital LLC now owns 3,409,269 shares of the company’s stock worth $70,504,000 after buying an additional 629,488 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on TEGNA in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock.

TEGNA Price Performance

TEGNA stock traded up $0.17 during midday trading on Wednesday, reaching $19.67. The company had a trading volume of 30,560 shares, compared to its average volume of 1,862,782. The company has a market capitalization of $4.39 billion, a P/E ratio of 8.06 and a beta of 0.74. TEGNA has a 12-month low of $17.94 and a 12-month high of $23.04. The firm’s fifty day simple moving average is $20.56 and its 200-day simple moving average is $20.93. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.71 and a quick ratio of 2.71.

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Friday, December 9th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $0.38 annualized dividend and a yield of 1.93%. TEGNA’s dividend payout ratio (DPR) is presently 15.70%.

About TEGNA

(Get Rating)
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.

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