Mutual of America Capital Management LLC Trims Stock Position in TEGNA Inc. (NYSE:TGNA)

Mutual of America Capital Management LLC decreased its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 21.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 379,465 shares of the company's stock after selling 106,609 shares during the period. Mutual of America Capital Management LLC owned about 0.23% of TEGNA worth $5,988,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Empowered Funds LLC grew its position in TEGNA by 757.4% during the third quarter. Empowered Funds LLC now owns 662,417 shares of the company's stock worth $10,453,000 after buying an additional 585,156 shares in the last quarter. CIBC Asset Management Inc purchased a new position in TEGNA during the third quarter valued at $260,000. State of New Jersey Common Pension Fund D raised its stake in TEGNA by 5.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 137,653 shares of the company's stock valued at $2,172,000 after buying an additional 7,137 shares during the last quarter. Meritage Portfolio Management grew its holdings in shares of TEGNA by 11.5% in the third quarter. Meritage Portfolio Management now owns 23,303 shares of the company's stock worth $368,000 after acquiring an additional 2,397 shares during the period. Finally, Covestor Ltd grew its holdings in shares of TEGNA by 20.8% in the third quarter. Covestor Ltd now owns 8,852 shares of the company's stock worth $140,000 after acquiring an additional 1,525 shares during the period. Hedge funds and other institutional investors own 92.19% of the company's stock.

Wall Street Analyst Weigh In

TGNA has been the topic of a number of research analyst reports. StockNews.com upgraded TEGNA from a "hold" rating to a "buy" rating in a research report on Friday, November 15th. Benchmark upped their target price on TEGNA from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. upped their target price on TEGNA from $16.00 to $19.00 and gave the company a "neutral" rating in a research note on Tuesday, November 12th.

TEGNA Stock Performance

TGNA stock traded up $0.05 during midday trading on Wednesday, reaching $17.93. The stock had a trading volume of 441,872 shares, compared to its average volume of 2,235,262. The firm has a fifty day simple moving average of $16.20 and a two-hundred day simple moving average of $15.01. The stock has a market cap of $2.89 billion, a PE ratio of 6.32 and a beta of 0.49. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. 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 quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company had revenue of $806.83 million for the quarter, compared to the consensus estimate of $795.72 million. During the same period last year, the firm earned $0.39 EPS. The firm's revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, equities research analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current year.

Insider Activity

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now directly 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 SEC, which is available through this hyperlink. Insiders own 0.88% of the company's stock.

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.