Bridgewater Associates LP Sells 72,535 Shares of TEGNA Inc. (NYSE:TGNA)

Bridgewater Associates LP lowered its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 20.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 274,909 shares of the company’s stock after selling 72,535 shares during the period. Bridgewater Associates LP owned 0.17% of TEGNA worth $4,338,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Miller Howard Investments Inc. NY boosted its stake in shares of TEGNA by 1.8% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 42,031 shares of the company’s stock worth $586,000 after acquiring an additional 726 shares during the period. US Bancorp DE lifted its holdings in TEGNA by 20.4% during the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after purchasing an additional 764 shares during the last quarter. Manchester Financial Inc. boosted its position in TEGNA by 0.9% during the second quarter. Manchester Financial Inc. now owns 118,202 shares of the company’s stock worth $1,648,000 after purchasing an additional 1,047 shares during the period. O Keefe Stevens Advisory Inc. increased its holdings in shares of TEGNA by 7.4% in the second quarter. O Keefe Stevens Advisory Inc. now owns 16,024 shares of the company’s stock valued at $223,000 after purchasing an additional 1,099 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its position in shares of TEGNA by 0.8% in the second quarter. Texas Permanent School Fund Corp now owns 173,408 shares of the company’s stock valued at $2,417,000 after purchasing an additional 1,341 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Price Performance

NYSE:TGNA opened at $18.77 on Friday. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The firm’s 50-day simple moving average is $16.78 and its 200 day simple moving average is $15.19. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 6.63 and a beta of 0.49.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The company had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, sell-side analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Friday, December 6th. TEGNA’s payout ratio is currently 17.67%.

Insider Buying and Selling

In related news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now owns 179,617 shares in the company, valued at approximately $2,493,083.96. This trade represents a 12.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on TGNA shares. StockNews.com downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, November 23rd. Benchmark boosted their price objective on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. increased their target price on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th.

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.