Arizona State Retirement System Lowers Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Arizona State Retirement System cut its position in shares of TEGNA Inc. (NYSE:TGNA) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,302 shares of the company’s stock after selling 2,123 shares during the quarter. Arizona State Retirement System’s holdings in TEGNA were worth $687,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TGNA. Parallel Advisors LLC raised its position in TEGNA by 142.1% in the 4th quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock worth $26,000 after purchasing an additional 983 shares during the period. CWM LLC boosted its holdings in TEGNA by 389.0% during the 1st quarter. CWM LLC now owns 1,873 shares of the company’s stock valued at $28,000 after acquiring an additional 1,490 shares during the period. Fidelis Capital Partners LLC bought a new position in TEGNA during the 1st quarter worth approximately $28,000. Headlands Technologies LLC purchased a new position in TEGNA in the 1st quarter worth approximately $46,000. Finally, Blue Trust Inc. lifted its position in TEGNA by 247.8% in the second quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock valued at $70,000 after purchasing an additional 3,350 shares during the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of TEGNA in a research note on Thursday, August 8th.

TEGNA Trading Up 2.6 %

TGNA opened at $14.29 on Monday. TEGNA Inc. has a one year low of $12.35 and a one year high of $16.56. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. The business has a 50 day simple moving average of $14.52 and a two-hundred day simple moving average of $14.29. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 5.00 and a beta of 0.49.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $710.36 million during the quarter, compared to analyst estimates of $715.40 million. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The firm’s revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 earnings per share. Analysts predict that TEGNA Inc. will post 3.07 EPS for the current year.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Friday, September 6th. TEGNA’s dividend payout ratio is currently 17.48%.

Insider Activity at TEGNA

In other TEGNA news, CEO David T. Lougee sold 98,437 shares of TEGNA stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the sale, the chief executive officer now directly owns 594,401 shares of the company’s stock, valued at approximately $8,309,725.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 98,467 shares of company stock worth $1,376,563 over the last 90 days. 0.88% of the stock is owned by company insiders.

TEGNA Company 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.