TEGNA Inc. (NYSE:TGNA) Shares Sold by Raymond James & Associates

Raymond James & Associates lessened its stake in TEGNA Inc. (NYSE:TGNA) by 71.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 45,110 shares of the company’s stock after selling 111,588 shares during the period. Raymond James & Associates’ holdings in TEGNA were worth $690,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TGNA. Bruce G. Allen Investments LLC purchased a new stake in TEGNA during the fourth quarter worth about $153,000. Muhlenkamp & Co. Inc. grew its holdings in shares of TEGNA by 57.0% in the fourth quarter. Muhlenkamp & Co. Inc. now owns 677,641 shares of the company’s stock valued at $10,368,000 after purchasing an additional 246,100 shares in the last quarter. Vanguard Group Inc. increased its stake in TEGNA by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 24,582,211 shares of the company’s stock worth $358,163,000 after buying an additional 499,171 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in TEGNA by 98.7% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 74,710 shares of the company’s stock worth $1,089,000 after buying an additional 37,115 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its position in TEGNA by 11.4% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 12,386 shares of the company’s stock valued at $182,000 after buying an additional 1,267 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Insider Buying and Selling

In other news, CEO David T. Lougee sold 43,750 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the transaction, the chief executive officer now owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO David T. Lougee sold 150,000 shares of TEGNA stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $15.21, for a total value of $2,281,500.00. Following the sale, the chief executive officer now directly owns 636,262 shares in the company, valued at $9,677,545.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David T. Lougee sold 43,750 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $14.70, for a total value of $643,125.00. Following the completion of the sale, the chief executive officer now directly owns 725,651 shares of the company’s stock, valued at approximately $10,667,069.70. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company’s stock.

TEGNA Trading Up 0.7 %

NYSE:TGNA opened at $13.81 on Thursday. The stock has a 50-day simple moving average of $14.25 and a 200-day simple moving average of $14.85. The stock has a market cap of $2.43 billion, a P/E ratio of 6.11 and a beta of 0.50. TEGNA Inc. has a 1 year low of $13.18 and a 1 year high of $17.37. The company has a debt-to-equity ratio of 1.14, a quick ratio of 2.48 and a current ratio of 2.48.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Thursday, February 29th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.04). The firm had revenue of $725.80 million for the quarter, compared to analysts’ expectations of $750.78 million. TEGNA had a return on equity of 12.41% and a net margin of 16.38%. The business’s revenue for the quarter was down 20.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.98 EPS. As a group, analysts anticipate that TEGNA Inc. will post 3.05 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were paid a dividend of $0.114 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $0.46 annualized dividend and a dividend yield of 3.30%. TEGNA’s dividend payout ratio (DPR) is 19.91%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. JPMorgan Chase & Co. lowered their target price on TEGNA from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Friday, March 1st. Benchmark lowered their price objective on TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Finally, Wells Fargo & Company reduced their target price on shares of TEGNA from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, February 9th.

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.