Harvest Management LLC Sells 34,500 Shares of TEGNA Inc. (NYSE:TGNA)

Harvest Management LLC decreased its stake in shares of TEGNA Inc. (NYSE:TGNA) by 69.7% in the 1st quarter, Holdings Channel reports. The fund owned 15,000 shares of the company’s stock after selling 34,500 shares during the quarter. TEGNA accounts for approximately 0.2% of Harvest Management LLC’s investment portfolio, making the stock its 21st biggest position. Harvest Management LLC’s holdings in TEGNA were worth $254,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Steward Financial Group LLC bought a new stake in shares of TEGNA during the fourth quarter worth $31,000. Ellevest Inc. grew its position in TEGNA by 641.1% in the first quarter. Ellevest Inc. now owns 1,549 shares of the company’s stock valued at $26,000 after purchasing an additional 1,340 shares in the last quarter. Signaturefd LLC grew its position in TEGNA by 179.8% in the first quarter. Signaturefd LLC now owns 1,690 shares of the company’s stock valued at $29,000 after purchasing an additional 1,086 shares in the last quarter. Byrne Asset Management LLC bought a new position in TEGNA in the first quarter valued at $30,000. Finally, Quadrant Capital Group LLC grew its position in TEGNA by 35.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,653 shares of the company’s stock valued at $56,000 after purchasing an additional 693 shares in the last quarter. Institutional investors own 89.99% of the company’s stock.

Insider Transactions at TEGNA

In other news, COO Lynn B. Trelstad sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $16.57, for a total transaction of $497,100.00. Following the completion of the sale, the chief operating officer now owns 181,881 shares in the company, valued at approximately $3,013,768.17. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.10% of the stock is currently owned by corporate insiders.

TEGNA Stock Performance

Shares of TGNA opened at $14.96 on Friday. The firm has a 50-day moving average of $16.51 and a 200-day moving average of $16.47. TEGNA Inc. has a one year low of $14.91 and a one year high of $22.29. The company has a market cap of $3.01 billion, a PE ratio of 4.99 and a beta of 0.61. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.44 and a quick ratio of 3.44.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $732.00 million during the quarter, compared to the consensus estimate of $733.39 million. TEGNA had a net margin of 20.96% and a return on equity of 19.06%. The company’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS. As a group, equities analysts forecast that TEGNA Inc. will post 1.71 earnings per share for the current year.

TEGNA Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a dividend of $0.1138 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Thursday, September 7th. This is a boost from TEGNA’s previous quarterly dividend of $0.10. TEGNA’s dividend payout ratio (DPR) is currently 15.33%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of TEGNA in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Wells Fargo & Company lifted their price objective on shares of TEGNA from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, August 4th.

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.