Promethos Capital LLC Reduces Position in TEGNA Inc. (NYSE:TGNA)

Promethos Capital LLC cut its stake in TEGNA Inc. (NYSE:TGNA) by 93.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,810 shares of the company’s stock after selling 55,750 shares during the period. Promethos Capital LLC’s holdings in TEGNA were worth $53,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total transaction of $347,000.00. Following the completion of the sale, the chief operating officer now owns 179,617 shares of the company’s stock, valued at approximately $2,493,083.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO David T. Lougee sold 98,437 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the completion of the sale, the chief executive officer now owns 594,401 shares in the company, valued at $8,309,725.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.88, for a total value of $347,000.00. Following the completion of the sale, the chief operating officer now directly owns 179,617 shares in the company, valued at $2,493,083.96. The disclosure for this sale can be found here. Insiders have sold a total of 123,467 shares of company stock worth $1,723,563 in the last 90 days. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Benchmark restated a “buy” rating and set a $21.00 target price on shares of TEGNA in a report on Thursday, August 8th.

TEGNA Stock Up 0.4 %

Shares of TGNA stock opened at $15.20 on Friday. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $16.56. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 5.31 and a beta of 0.49. The firm’s 50-day moving average is $14.58 and its 200-day moving average is $14.32. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.58 and a current ratio of 2.58.

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

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Friday, September 6th. TEGNA’s payout ratio is 17.48%.

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.