Cornercap Investment Counsel Inc. Trims Stake in TEGNA Inc. (NYSE:TGNA)

Cornercap Investment Counsel Inc. lessened its holdings in TEGNA Inc. (NYSE:TGNA) by 12.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 36,169 shares of the company’s stock after selling 5,315 shares during the period. Cornercap Investment Counsel Inc.’s holdings in TEGNA were worth $571,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Seven Eight Capital LP purchased a new stake in TEGNA in the 1st quarter worth $2,526,000. Dimensional Fund Advisors LP increased its stake in TEGNA by 1.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after buying an additional 141,638 shares in the last quarter. Capital Management Corp VA boosted its holdings in shares of TEGNA by 30.3% during the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock valued at $11,453,000 after purchasing an additional 168,667 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of TEGNA by 9,100.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock valued at $2,749,000 after purchasing an additional 182,000 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of TEGNA during the 3rd quarter valued at about $626,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Down 2.6 %

Shares of NYSE:TGNA opened at $17.64 on Friday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62. The company has a 50-day moving average price of $16.05 and a 200 day moving average price of $14.95. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 6.23 and a beta of 0.49.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 EPS for the quarter, beating 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 the consensus estimate of $795.72 million. During the same quarter last year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, equities research analysts predict that TEGNA Inc. will post 3.08 earnings per share for the current year.

Insider Activity at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the sale, the chief operating officer now directly owns 179,617 shares of the company’s stock, valued at $2,493,083.96. This represents a 12.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on TGNA shares. Benchmark increased their price objective on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a report on Friday.

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.