Algert Global LLC Trims Stock Position in TEGNA Inc. (NYSE:TGNA)

Algert Global LLC trimmed its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 49.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 69,132 shares of the company's stock after selling 67,660 shares during the quarter. Algert Global LLC's holdings in TEGNA were worth $1,091,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Cerity Partners LLC raised its holdings in shares of TEGNA by 82.3% in the third quarter. Cerity Partners LLC now owns 48,504 shares of the company's stock worth $765,000 after buying an additional 21,900 shares during the period. Charles Schwab Investment Management Inc. grew its stake in TEGNA by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company's stock worth $28,077,000 after purchasing an additional 53,583 shares in the last quarter. Pacer Advisors Inc. grew its stake in TEGNA by 2,898.4% in the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company's stock worth $170,521,000 after purchasing an additional 10,445,739 shares in the last quarter. Intech Investment Management LLC grew its stake in TEGNA by 179.6% in the third quarter. Intech Investment Management LLC now owns 72,661 shares of the company's stock worth $1,147,000 after purchasing an additional 46,678 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in TEGNA by 194.9% in the third quarter. Advisors Asset Management Inc. now owns 10,262 shares of the company's stock worth $162,000 after purchasing an additional 6,782 shares in the last quarter. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Stock Up 0.6 %

NYSE TGNA traded up $0.12 during midday trading on Friday, hitting $18.77. 966,480 shares of the company traded hands, compared to its average volume of 2,220,115. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The company has a market cap of $3.02 billion, a PE ratio of 6.66 and a beta of 0.49. The company's 50-day simple moving average is $16.78 and its 200-day simple moving average is $15.19. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.11. The business had revenue of $806.83 million for the quarter, compared to analysts' expectations of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The business's revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 EPS. As a group, equities research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be given a $0.125 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.66%. TEGNA's payout ratio is 17.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on TEGNA from $16.00 to $19.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 12th. StockNews.com cut TEGNA from a "buy" rating to a "hold" rating in a research note on Saturday, November 23rd. Finally, Benchmark increased their price objective on TEGNA from $21.00 to $23.00 and gave the stock a "buy" rating in a research note on Friday, November 8th.

Insider Transactions at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of the firm's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the completion of the sale, the chief operating officer now owns 154,617 shares of the company's stock, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.88% of the company's stock.

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.