Gabelli Funds LLC Cuts Position in TEGNA Inc. (NYSE:TGNA)

Gabelli Funds LLC reduced its stake in shares of TEGNA Inc. (NYSE:TGNA) by 8.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,551,964 shares of the company’s stock after selling 144,300 shares during the quarter. Gabelli Funds LLC owned approximately 0.92% of TEGNA worth $21,634,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Miller Howard Investments Inc. NY raised its holdings in TEGNA by 1.8% in the second quarter. Miller Howard Investments Inc. NY now owns 42,031 shares of the company’s stock worth $586,000 after purchasing an additional 726 shares in the last quarter. Wasatch Advisors LP lifted its position in TEGNA by 2.1% during the first quarter. Wasatch Advisors LP now owns 37,970 shares of the company’s stock valued at $567,000 after acquiring an additional 771 shares during the last quarter. Parallel Advisors LLC lifted its position in TEGNA by 142.1% during the fourth quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock valued at $26,000 after acquiring an additional 983 shares during the last quarter. Manchester Financial Inc. boosted its stake in TEGNA by 0.9% in the second quarter. Manchester Financial Inc. now owns 118,202 shares of the company’s stock valued at $1,648,000 after acquiring an additional 1,047 shares in the last quarter. Finally, O Keefe Stevens Advisory Inc. grew its holdings in TEGNA by 7.4% in the second quarter. O Keefe Stevens Advisory Inc. now owns 16,024 shares of the company’s stock worth $223,000 after purchasing an additional 1,099 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

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

TEGNA Stock Performance

TGNA opened at $15.16 on Monday. The company has a market cap of $2.57 billion, a P/E ratio of 5.30 and a beta of 0.49. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.10. The firm’s 50-day moving average price is $14.58 and its 200-day moving average price is $14.33. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $16.56.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. The business had revenue of $710.36 million for the quarter, compared to analyst estimates of $715.40 million. During the same quarter in the prior year, the business posted $0.44 EPS. TEGNA’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

TEGNA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a yield of 3.30%. TEGNA’s dividend payout ratio (DPR) is 17.48%.

Insiders Place Their Bets

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

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.