Pinnacle Associates Ltd. Has $8.82 Million Stake in TEGNA Inc. (NYSE:TGNA)

Pinnacle Associates Ltd. lifted its position in shares of TEGNA Inc. (NYSE:TGNA) by 0.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 576,472 shares of the company’s stock after purchasing an additional 1,158 shares during the quarter. Pinnacle Associates Ltd. owned 0.34% of TEGNA worth $8,820,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Fidelis Capital Partners LLC purchased a new stake in TEGNA in the 1st quarter valued at $28,000. Headlands Technologies LLC purchased a new stake in TEGNA in the 1st quarter valued at $46,000. CWM LLC raised its position in TEGNA by 146.3% in the 2nd quarter. CWM LLC now owns 4,614 shares of the company’s stock valued at $64,000 after buying an additional 2,741 shares during the last quarter. Blue Trust Inc. raised its position in TEGNA by 247.8% in the 2nd quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock valued at $70,000 after buying an additional 3,350 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in TEGNA in the 2nd quarter valued at $116,000. 92.19% of the stock is owned by institutional investors and hedge funds.

TEGNA Trading Up 0.8 %

NYSE TGNA opened at $16.68 on Thursday. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 5.83 and a beta of 0.50. TEGNA Inc. has a one year low of $12.35 and a one year high of $17.08. 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’s fifty day moving average is $15.08 and its 200-day moving average is $14.60.

TEGNA (NYSE:TGNA) last released its 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. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company had revenue of $710.36 million for the quarter, compared to analysts’ expectations of $715.40 million. During the same period in the previous year, the business posted $0.44 EPS. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities research analysts predict that TEGNA Inc. will post 3.07 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the completion of the sale, the chief operating officer now owns 154,617 shares of the company’s stock, valued at approximately $2,535,718.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 50,016 shares of company stock valued at $757,218. 0.88% of the stock is owned by insiders.

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.