Victory Capital Management Inc. trimmed its position in TEGNA Inc. (NYSE:TGNA - Free Report) by 8.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 980,523 shares of the company's stock after selling 90,880 shares during the quarter. Victory Capital Management Inc. owned approximately 0.59% of TEGNA worth $15,473,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in shares of TEGNA by 26.2% in the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company's stock worth $14,068,000 after acquiring an additional 184,845 shares during the period. Dimensional Fund Advisors LP lifted its stake 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 valued at $143,714,000 after purchasing an additional 141,638 shares during the period. Capital Management Corp VA lifted its stake in shares of TEGNA by 30.3% in the third quarter. Capital Management Corp VA now owns 725,805 shares of the company's stock valued at $11,453,000 after purchasing an additional 168,667 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in TEGNA by 9,100.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company's stock worth $2,749,000 after acquiring an additional 182,000 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in TEGNA during the third quarter worth about $626,000. 92.19% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at TEGNA
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 value of $410,000.00. Following the sale, the chief operating officer now 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the stock. Benchmark lifted their target price on shares of TEGNA from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their target price on shares of TEGNA from $16.00 to $19.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded shares of TEGNA from a "hold" rating to a "buy" rating in a report on Friday, November 15th.
Get Our Latest Report on TGNA
TEGNA Stock Up 1.3 %
Shares of TGNA stock traded up $0.23 on Wednesday, hitting $18.11. The stock had a trading volume of 1,051,504 shares, compared to its average volume of 2,237,972. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 6.40 and a beta of 0.49. The stock's 50 day moving average is $16.28 and its 200-day moving average is $15.04.
TEGNA (NYSE:TGNA - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.94 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $795.72 million. During the same period in the prior year, the firm posted $0.39 EPS. The firm's revenue was up 13.1% compared to the same quarter last year. As a group, research analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current year.
TEGNA Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.125 per share. The ex-dividend date is Friday, December 6th. This represents a $0.50 dividend on an annualized basis and a yield of 2.76%. TEGNA's dividend payout ratio (DPR) is 17.67%.
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.
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