Allspring Global Investments Holdings LLC Cuts Stock Position in TEGNA Inc. (NYSE:TGNA)

Allspring Global Investments Holdings LLC trimmed its stake in TEGNA Inc. (NYSE:TGNA - Free Report) by 79.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,887 shares of the company's stock after selling 47,278 shares during the period. Allspring Global Investments Holdings LLC's holdings in TEGNA were worth $188,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Fidelis Capital Partners LLC acquired a new stake in TEGNA in the first quarter valued at approximately $28,000. Headlands Technologies LLC acquired a new position in TEGNA during the 1st quarter valued at about $46,000. CWM LLC increased its position in TEGNA by 146.3% during the 2nd quarter. CWM LLC now owns 4,614 shares of the company's stock valued at $64,000 after buying an additional 2,741 shares in the last quarter. Blue Trust Inc. raised its stake in TEGNA by 247.8% in the second quarter. Blue Trust Inc. now owns 4,702 shares of the company's stock valued at $70,000 after buying an additional 3,350 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in TEGNA in the second quarter worth about $116,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Stock Performance

TGNA stock traded down $0.14 during midday trading on Monday, reaching $16.15. The stock had a trading volume of 1,347,168 shares, compared to its average volume of 2,225,028. The firm has a fifty day simple moving average of $15.25 and a two-hundred day simple moving average of $14.66. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $17.08. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $2.67 billion, a PE ratio of 6.73 and a beta of 0.49.

TEGNA (NYSE:TGNA - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.02. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The firm had revenue of $710.36 million during the quarter, compared to the consensus estimate of $715.40 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company's revenue was down 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that TEGNA Inc. will post 3.07 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Benchmark restated a "buy" rating and set a $21.00 price objective on shares of TEGNA in a report on Thursday, August 8th.

Insider Transactions at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the company's stock in a transaction 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 sale, the chief operating officer now directly owns 154,617 shares of the company's stock, valued at approximately $2,535,718.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 50,016 shares of company stock worth $757,218 over the last 90 days. 0.88% of the stock is currently owned by company insiders.

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.