Tidal Investments LLC Sells 63,967 Shares of TEGNA Inc. (NYSE:TGNA)

Tidal Investments LLC decreased its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 54.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,984 shares of the company's stock after selling 63,967 shares during the quarter. Tidal Investments LLC's holdings in TEGNA were worth $836,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Pacer Advisors Inc. increased its holdings in shares of TEGNA by 2,898.4% during the 3rd 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 during the period. Dimensional Fund Advisors LP increased its stake in TEGNA by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company's stock valued at $143,714,000 after acquiring an additional 141,638 shares during the period. State Street Corp raised its holdings in TEGNA by 3.5% in the 3rd quarter. State Street Corp now owns 8,194,619 shares of the company's stock valued at $129,991,000 after acquiring an additional 276,699 shares in the last quarter. LSV Asset Management lifted its position in shares of 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 acquiring an additional 1,827,471 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of TEGNA by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company's stock worth $77,422,000 after purchasing an additional 238,696 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

TEGNA Price Performance

Shares of TGNA traded up $0.27 during trading hours on Friday, hitting $18.40. The stock had a trading volume of 6,081,874 shares, compared to its average volume of 2,184,578. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 6.50 and a beta of 0.52. 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's fifty day moving average is $17.77 and its two-hundred day moving average is $15.62. 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 issued its quarterly earnings data 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 net margin of 16.75% and a return on equity of 14.49%. The firm had revenue of $806.83 million for the quarter, compared to analysts' expectations of $795.72 million. During the same period in the prior year, the firm earned $0.39 earnings per share. The company's quarterly revenue was up 13.1% compared to the same quarter last year. On average, analysts anticipate that TEGNA Inc. will post 3.02 EPS 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 paid 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 2.72%. TEGNA's dividend payout ratio (DPR) is presently 17.67%.

Analyst Ratings Changes

A number of research analysts recently commented on TGNA shares. Wells Fargo & Company upgraded TEGNA from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $21.00 to $23.00 in a research note on Thursday. Benchmark raised their price objective on shares of TEGNA from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Friday, November 8th. StockNews.com raised shares of TEGNA from a "hold" rating to a "buy" rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. raised 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.

Insider Activity at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the 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 transaction, the chief operating officer now directly owns 154,617 shares in the company, valued at approximately $2,535,718.80. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is currently owned by company insiders.

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.