Tidal Investments LLC Cuts Holdings in TEGNA Inc. (NYSE:TGNA)

Tidal Investments LLC decreased its position in TEGNA Inc. (NYSE:TGNA) by 54.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 52,984 shares of the company’s stock after selling 63,967 shares during the period. Tidal Investments LLC’s holdings in TEGNA were worth $836,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new position in shares of TEGNA in the third quarter valued at approximately $28,000. Headlands Technologies LLC boosted its position in TEGNA by 48.2% in the second quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock worth $63,000 after purchasing an additional 1,470 shares during the last quarter. Quarry LP boosted its position in TEGNA by 455.2% in the third quarter. Quarry LP now owns 4,025 shares of the company’s stock worth $64,000 after purchasing an additional 3,300 shares during the last quarter. US Bancorp DE grew its stake in TEGNA by 20.4% in 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 period. Finally, Innealta Capital LLC purchased a new stake in shares of TEGNA during the 2nd quarter valued at $116,000. Institutional investors own 92.19% of the company’s stock.

Insider Buying and Selling at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s 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 transaction, the chief operating officer now owns 154,617 shares in the company, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on TGNA. Benchmark boosted their price target on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $21.00 to $23.00 in a research note on Thursday. Finally, StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th.

TEGNA Trading Up 1.5 %

Shares of TGNA opened at $18.40 on Friday. TEGNA Inc. has a fifty-two week low of $12.35 and a fifty-two week high of $19.62. The business has a 50-day moving average of $17.77 and a 200 day moving average of $15.61. The firm has a market cap of $2.96 billion, a P/E ratio of 6.50 and a beta of 0.52. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60.

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

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.50 dividend on an annualized basis and a yield of 2.72%. TEGNA’s dividend payout ratio is 17.67%.

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.