The Manufacturers Life Insurance Company lowered its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 54.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 93,324 shares of the company's stock after selling 109,892 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of TEGNA worth $1,473,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC raised its position in shares of 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. Manchester Financial Inc. raised its holdings in shares of TEGNA by 0.9% during the 2nd quarter. Manchester Financial Inc. now owns 118,202 shares of the company's stock valued at $1,648,000 after buying an additional 1,047 shares in the last quarter. Welch Group LLC purchased a new position in shares of TEGNA during the 2nd quarter valued at about $209,000. Blue Trust Inc. raised its stake in shares of TEGNA by 247.8% during the second quarter. Blue Trust Inc. now owns 4,702 shares of the company's stock worth $70,000 after acquiring an additional 3,350 shares in the last quarter. Finally, Meridian Investment Counsel Inc. raised its stake in shares of TEGNA by 5.4% during the second quarter. Meridian Investment Counsel Inc. now owns 117,033 shares of the company's stock worth $1,631,000 after acquiring an additional 5,975 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company's stock.
Insider Buying and Selling
In related news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total transaction 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 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by company insiders.
TEGNA Trading Down 0.8 %
Shares of NYSE:TGNA traded down $0.15 during midday trading on Wednesday, hitting $18.68. 1,255,958 shares of the stock traded hands, compared to its average volume of 2,187,031. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. 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 business's 50 day moving average is $17.32 and its two-hundred day moving average is $15.42. The stock has a market capitalization of $3.01 billion, a PE ratio of 6.60 and a beta of 0.52.
TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 EPS 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 company had revenue of $806.83 million during the quarter, compared to analyst estimates of $795.72 million. During the same quarter last year, the firm posted $0.39 earnings per share. The firm's revenue was up 13.1% on a year-over-year basis. As a group, research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.
TEGNA Announces Dividend
The firm also recently announced 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. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Friday, December 6th. TEGNA's dividend payout ratio is presently 17.67%.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of TEGNA from $16.00 to $19.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 12th. StockNews.com downgraded TEGNA from a "buy" rating to a "hold" rating in a research report on Saturday, November 23rd. Finally, Benchmark boosted their price objective on TEGNA from $21.00 to $23.00 and gave the company a "buy" rating in a research report on Friday, November 8th.
Check Out Our Latest Research Report on TGNA
About TEGNA
(
Free Report)
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.
Featured Stories
Before you consider TEGNA, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and TEGNA wasn't on the list.
While TEGNA currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
