Royce & Associates LP Trims Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Royce & Associates LP reduced its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 3.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,289,130 shares of the company's stock after selling 104,427 shares during the quarter. Royce & Associates LP owned about 1.99% of TEGNA worth $51,902,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in TEGNA by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 26,798,623 shares of the company's stock valued at $400,371,000 after acquiring an additional 1,471,691 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company's stock worth $143,714,000 after purchasing an additional 141,638 shares during the last quarter. LSV Asset Management increased its stake in TEGNA by 29.5% in the 2nd quarter. LSV Asset Management now owns 8,024,562 shares of the company's stock worth $111,862,000 after buying an additional 1,827,471 shares during the period. Gamco Investors INC. ET AL lifted its holdings in TEGNA by 18.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 2,441,675 shares of the company's stock valued at $36,479,000 after buying an additional 384,687 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in TEGNA by 43.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,071,403 shares of the company's stock valued at $14,935,000 after buying an additional 325,881 shares during the period. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TGNA shares. Benchmark lifted their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lifted their target price on TEGNA from $16.00 to $19.00 and gave the company a "neutral" rating in a research report on Tuesday.

TEGNA Stock Down 2.6 %

TGNA stock traded down $0.47 during trading on Friday, hitting $17.64. 1,814,059 shares of the company's stock traded hands, compared to its average volume of 2,250,921. The business has a fifty day simple moving average of $15.97 and a two-hundred day simple moving average of $14.92. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $2.84 billion, a P/E ratio of 6.40 and a beta of 0.49. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The firm had revenue of $806.83 million during the quarter, compared to analysts' expectations of $795.72 million. During the same period in the prior year, the business posted $0.39 EPS. The firm's quarterly revenue was up 13.1% on a year-over-year basis. Sell-side analysts anticipate that TEGNA Inc. will post 3.08 EPS for the current year.

Insider Transactions at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction 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 represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.88% of the company's stock.

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.